Portfolio Management: Theory & Practice

Since our inception, the core mission of Schultz Collins has been to help investors make rational, informed and intelligent investment decisions. Prudent decision making, however, requires a basic understanding of capital markets and a familiarity with evolving research in the field of Financial Economics. In 2006, we published Portfolio Management: Theory and Practice to summarize… Read more »

References for Portfolio Management: Theory & Practice

Below is a by chapter listing for all the links in our Portfolio Management: Theory & Practice publication. Preface Note 09 – A Gentle Introduction to Investing Note 13 – Course Notes for USF Masters of Science in Financial Analysis Chapter One Note 09 – Well-Performing Portfolios and Well-Disguised Insolvency Note 13 – Diversification vs…. Read more »

Annuities and Retirement Income Planning

Although academic studies evaluate the optimality of annuities, advisers assess solutions in terms of contracts governed by insurance carrier profit objectives, tax code provisions, and regulatory restrictions. A variety of annuities exist and, for each type, there is substantial heterogeneity of contract provisions. Practitioners may benefit from an overview of the US annuity marketplace with… Read more »

How Risky is Your Retirement Income Risk Model?

Sustainability of adequate lifetime income is a critical portfolio objective for retired investors. There are a number of ways to ascertain the likelihood that a portfolio’s investment strategy is suitable to its cash flow requirements. This article provides a brief review of various retirement income modeling approaches including historical back testing, Monte Carlo simulations, and… Read more »

Actuarial Publications: Patrick Collins et al.

A list of published articles on the topics of Life Insurance and Annuities, Irrevocable Life Insurance Trusts and Fiduciary liability for insurance transactions and policy management.   Asset Allocation, Human Capital, and the Demand to Hold Life Insurance in Retirement – Patrick J. Collins, Ph.D., CLU, CFA, and Huy Lam, CFA, Financial Services Review, (Winter,… Read more »

Investment Publications: Patrick Collins et al.

A list of published articles on the topics of Asset Management, Trustee duties in portfolio design, monitoring and surveillance, Family Trust, Longevity Risk and Retirement Income Planning.   A Risk Primer for Investment Fiduciaries (with special attention to the management of endowment funds) – Patrick J. Collins, Ph.D., CLU, CFA, California Trusts and Estates Quarterly… Read more »

Currency Markets

One of the markets that few investors understand well is the global currency exchange. Most currencies are free floating, which means their relative value can adjust at any time based on the forces of supply and demand. So, when the markets deem the prospects for global growth to be weak while observing that the U.S…. Read more »


The paper begins with a brief recap of recent fiduciary surcharge cases in which defendants were found in breach of their duties because of failure to establish a credible basis upon which to exercise investment discretion. In several cases, the lack of a well-articulated, fully documented, and suitable investment strategy was, in itself, found to… Read more »

Tax Loss Harvesting

Tax Loss Realization is a Savvy Way for Investors to Reduce Tax Liabilities An advantage of having taxable accounts in your portfolio is the ability to use losses (when available) to lower your tax liabilities. This is called tax loss harvesting or tax loss realization. Here are the benefits: Tax losses represent a deferral of… Read more »