Columns
Viewpoint: The economic objectives of the ‘Oil Fund’
The attention surrounding the appointment of Nicolai Tangen to head the Norwegian ‘Oil Fund’ could be reflections of deeper concerns and how the objectives of asset managers and asset owners differ.
Viewpoint: Greening the recovery
The coronavirus outbreak has been a tragedy for many, a shock for us all and a crisis for economies around the globe. It has forced governments to embark on a massive experiment, slashing economic activity to limit the pandemic, sharply reducing carbon emissions and preparing for only a slow resumption ...
Viewpoint: ESG as the new normal
The recent impact of the COVID-19 virus outbreak will only accelerate ESG adoption
Viewpoint: Value investing – bruised but not broken
The structural driver of value equity stragegies remains intact, according to the founder of Research Affiliates
Guard against mission creep
As the impact of the coronavirus continues to make itself felt, largely out of sight in hospitals and care homes, the parallel with today’s social, market and economic situation feels unusually apt
Pandemic quickens existing trends
It was probably inevitable that many would declare that the Covid-19 pandemic changes everything. The only question was how that sentiment would be expressed
Market disconnects have widened
Thanks to a remarkable comeback in April, equity markets have partly offset the collapse that took place as a result of the COVID-19 pandemic.
Not business as usual
Basing investment decisions on short-term events can have long-term consequences, so it is vital trustees seek guidance
Viewpoint: Rebalancing – the rational route to sustaining strategic objectives
Following severe equity and bond market dislocations, long-term investors should be taking stock of their portfolio allocations.
Viewpoint: Coronabias and the fat tail
Behavioural science has done a marvellous job of pointing out the mistakes most human beings make in estimating probability
Viewpoint: The positive impact scorecard
The private sector is discovering positive ways to support the response to COVID-19
Viewpoint: Responsible investing climbs trustee boards’ agendas
The amount of legislation at hand and the pace at which different directives and guidelines are coming out could be seen as daunting for some
Letter from US: Short-term relief, long-term pain
The COVID-19 pandemic is having an immediate and transparent impact on American defined contribution plans. But it also has implications for defined benefit plans in the long run
Letter from US: The Democratic agenda takes shape
“On day one, [Joe] Biden will use the full authority of the executive branch to make progress and significantly reduce emissions. Biden recognises we must go further, faster and more aggressively than ever before, by (among other things) requiring public companies to disclose climate risks and the greenhouse gas emissions in their operations and supply chains.” That is Joe Biden’s ‘Plan for a Clean Energy Revolution and Environmental Justice’ as it appears on joebiden.com, the official campaign website.
Letter from the US: Lower rates, deeper holes
Something unprecendented happened in the US in the first weeks of January when the Milliman 100 PFI discount rate fell 35bps to a 20-year low of 2.85% “It was a very poor month for defined benefit (DB) plans, not a good start of the year and it dug an even deeper hole in their financial situation,” points out Zorast Wadia, principal, consulting actuary at Milliman. He is also author of the Milliman 100 pension funding index (PFI), an annual study of the 100 largest DB pension plans sponsored by US public companies.
Letter From US: New Secure Act – a step in the right direction
New rules encourage employers to offer annuities in 401(k)-type retirement plans
Letter From US: Concerns over common ownership unabated
No matter who wins the presidential election this November the issue of concentration of US corporate ownership by the Big Three money managers – BlackRock, Vanguard and SSGA – will not go away
Letter from the US: US pension funds braced for lower for longer
The last edition of the International Monetary Fund’s (IMF) twice-yearly Global Financial Stability Report (GFSR) points to the risks that lower-for-longer yields pose, especially for pension funds.
Book review: Radical Uncertainty by John Kay and Mervyn King
Within the terms of their own analysis, the authors of Radical Uncertainty might be remembered for a prescience they could neither possess nor aspire to
Book review: The Signs Were There - Spilling the saucerful of secrets
Tim Steer’s romp through the world of dodgy accounting practices and share price debacles is beyond shocking. He brings together his forensic examinations of publicly quoted companies’ accounts, and demonstrates clearly that “the signs were (indeed) there” in a way that induces reader incredulity.
Book review: Only the Best Will Do
Peter Seilern, the founder of Seilern Investment Management, has a reputation for investing in ‘quality growth companies.’ In reading his credo ‘Only the Best Will Do,’ you realise this career-long passion reaches almost religious dedication. Never mention ‘value investing’ in his presence.
Book review: Achieving Investment Excellence
Fix asset allocation and the numbers will follow. This rule of thumb originated from an influential study published in 1986, which showed that 93.6% of variations in a portfolio’s returns are due to asset allocation policy.
Book review: The Rise of the Working-Class Shareholder
David Webber is well placed to rehearse the legal and political arguments around public pension funds’ power to change companies
Book Review: The Economic and Financial Order
A fresh slant on risk and uncertainty
