We call your attention in this issue to the article on performance attribution by Roger Clarke, Harindra de Silva, CFA, and Steven Thorley, CFA. This research extends the pioneering work of Richard Grinold on the fundamental law of active management. Mr. Grinold, who has served as director of research at Barclays Global Investors, Active Investment Strategies, since 1994, is also represented in this issue with his Reflections article on implementation efficiency.
You can hear more from Mr. Clarke, chairman of the board of Analytic Investors, Inc., in his presentation, “Portfolio Constraints: A Look at Separating Alpha from Beta Risk,” at the May 2005 Research Foundation of CFA Institute annual workshop: Research for the Practitioner IV.
The September/October issue also provides readers the delight of Reflections pieces by Nobel Laureate Harry M. Markowitz and the always insightful Martin L. Leibowitz.
FAJ 60th Anniversary Anthology
The anthology of FAJ Reflections pieces, Bold Thinking on Investment Management, is available. Readers can order this unique compendium nowfor themselves, clients, friends, or family.
The “Editor’s Corner” pieces are available to all. The current pieces are:
Disentangling Size and Value
Performance Fees: The Good, the Bad, and the (Occasionally) Ugly
A Provocative Year: Guest Editorial
What Cost “Noise”?
Whither Finance Theory?
Can We Keep Our Promises?
The upcoming November/December issue will bring to a close our 60th Anniversary Year of Reflections. In that issue, you will hear from
Clifford S. Asness
Rubble Logic: What Did We Learn from the Great Stock Market Bubble?
Peter L. Bernstein
Capital Ideas: From the Past to the Future
John C. Bogle
The Relentless Rules of Humble Arithmetic
Jeffrey J. Diermeier, CFA
Remember the Age and Purpose of Our Profession
Retirement Income Guarantees Are Expensive
Biases and Lessons
Jeremy J. Siegel
Perspectives on the Equity Risk Premium
Looking for FAJ articles by a particular author?
Check out the Author Index of all authors who have published in the FAJ since 1945.
Want to read a paper referred to in an FAJ article? Journal papers listed in the Reference lists of FAJ articles can be purchased online. Just click on the shopping cart icon and follow the directions!
Equity Risk Premium Forum
In the words of Marty Leibowitz, the concept of the equity risk premium is so central to the investment industry that it might properly be called the financial equivalent of a cosmological concept.
Befitting a topic of such importance, on 8 November 2001, 18 of the brightest minds in the investment world participated in TIAA-CREFAIMR’s Equity Risk Premium Forum. Now, AIMR invites you to find out what transpired in the roundtable presentations and lively discussions.
This online publication is available for viewing/printing either as an entire book (click on PDF button that appears above just under the cover graphic), by section (click on the PDF button following the title of the desired section), or by presentation. Summaries of each presentation are also available.