What Investors and Trustees Should Know about Investment Advice

Is professional financial advice harmful? This article reviews and evaluates the current state of the U.S. Financial Advisory Profession. It cites findings from academic and governmental regulatory agency sources indicating that the profession is rife with conflicts of interest, abusive practices, and even outright fraud. This is not a matter of “a few bad apples;”… 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 »

A Gentle Introduction to Investing

How can people make good investment decisions when they don’t know the difference between a stock and a bond? Many beginning investors are intimidated by the prospect of learning about economics and finance – subjects that, for many, are deadly dull – or of meeting with salespeople trying to push investment products and schemes, or… Read more »

Investment Quarterly and Fiduciary Forum

Below is a collection of past issues of our Investment Quarterly and Fiduciary Forum. Investment Quarterly Investment Quarterly 1999 Q4 Diversification versus New Paradigm Investing Variance Drain: Maximizing Return May Be Hazardous to Your Wealth Portfolio Allocation and Risk Loading Factors Investment Quarterly 2001 Q1 The Great Debate: Behavioral vs. Standard Finance Predictability and Mathematics… Read more »

Money Market Reform: What You Should Know

The ubiquitous money market mutual fund has been a hot topic at the U.S. Treasury Department and the Securities Exchange Commission (SEC) since the Great Recession and Financial Crisis of 2008/2009. The Government’s concerns are based on actions taken by institutional investors during the crisis when a large institutional money market fund could no longer… Read more »

Patrick Collins presentation

Patrick Collins is speaking on the topic of “Monitoring and Managing a Retirement Portfolio” at a July 2016 conference at Salem State University, Massachusetts for the Retirement Income Industry Association.

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 »