EDHEC Business School’s model of how Liability Driven Investment should be applied to individual investment goals looks remarkably like ours!
read more Commentary by Stuart FowlerAsk No Monkey Business clients what they most value about our approach and they mostly answer ‘more certainty’. On the surface this is odd as one thing singling us out, which stems directly from how we model real equity returns, is that we tell people just how uncertain are their wealth outcomes when partly relying on the systematic risk inherent in equities.
read more Commentary by Stuart FowlerPublished in FT, 9th November 2008 (Article by Stuart Fowler)
read more News by Stuart FowlerIn the continuing debate about how to strengthen the effectiveness of trustees of salary-related ‘defined benefit’ pension funds, and particularly their investment understanding, the essential point seems to have been overlooked. Logically, trustees in this case should have nothing to do with investment decisions, only investment arrangements. Otherwise they are acting as if the consequences of investment decisions only impacted the scheme members when in reality, as intended by a series of legislative and regulatory changes, they impact the fund’s sponsor and, when a compensation pool exists, the sponsors of all funds collectively. Following these changes, the conventional hope that sponsors and members share common risk utility functions looks wildly unrealistic.
read more Commentary by Stuart FowlerTalking Head, FTfm, 2nd May. The relationship between equity risk and time is a key battle ground in the conflict between ‘fair value’ accountants, for whom equity investing is a huge gamble by people who ‘should know better’, and investment professionals and many actuaries, who are more trustful of the benefits of equity investing, for most individuals and the nation state collectively.
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