Category: asset management

Mind the gap – funding levels fall as market volatility hits assets

October 13, 2015

Reading Time: 2 minutesThe PPF today published its monthly estimates of scheme funding position for the schemes in the PPF 7800 index. Not surprisingly, given the market moves over September 2015, and over the third quarter generally we saw a 5% decline in funded status over the quarter due to both declining asset values and increasing liabilities. It’s … More Mind the gap – funding levels fall as market volatility hits assets

Tail Risks, LTCM & Constant Volatility … notes from a lunch with Myron Scholes

September 23, 2015

Reading Time: 2 minutesI had the very great privilege of taking part in a roundtable lunch with Myron Scholes last week, thanks to Janus Capital (see unashamed photo below) – hosted in the Fenchurch Brasserie in the well-known “walkie-talkie” building in London the views were pretty good as well (see below). Despite his fame, Myron still clearly thinks deeply … More Tail Risks, LTCM & Constant Volatility … notes from a lunch with Myron Scholes

Changing Times – 50 Years of UK Pensions

August 23, 2015

Reading Time: 3 minutesA lot has changed since 1962, particularly in the world of finance and pensions. UBS recently published a weighty tome containing some fascinating data on global markets and pension funds: A long-term perspective on pension fund investment Worth a read, one thing I found particularly interesting was the long-term data going back 50 years on … More Changing Times – 50 Years of UK Pensions

Many Happy (Asset) Returns – part 2

August 7, 2015

Reading Time: 3 minutesWe’ve been through an amazingly benign and profitable time for investors in many financial markets, something I discussed further here. That’s great to know, especially for those that participated. Not so  helpful going forward. A better question is- What’s your expected future return from equities (and other assets)? Simple question, tricky answer. And one we … More Many Happy (Asset) Returns – part 2

What Can Pension Schemes Learn from the PPF ?

July 24, 2015

Reading Time: 2 minutesThe PPF publishes regular updates on the financial health of DB pension schemes in the UK (the PPF 7800 index) and also its own funding position. In recent times there has been quite some contrast between the two sets of figures (thanks to Pensions Expert for a great article highlighting this. Sure, the PPF collects … More What Can Pension Schemes Learn from the PPF ?

Many Happy (Asset) Returns – part 1

July 24, 2015

Reading Time: 2 minutesIt can be easy to forget when caught up in day-to-day events and headlines that we’ve been through an incredibly benign and profitable period for any individual or organisation investing in financial markets. One way of illustrating this, which we particularly like is to look not just at the returns that have been generated, but a measure … More Many Happy (Asset) Returns – part 1

Distinguishing Skill & Luck

July 20, 2015

Reading Time: 4 minutesI’m just back from a sunny and relaxing summer break, where I had the great pleasure of reading and reflecting on the excellent book The Success Equation (“TSE”) by Michael Mauboussin which sets as its goal “untangling skill and luck in business, sports and investing“. The clear aim of this “untangling” being the ability to make better … More Distinguishing Skill & Luck

Which asset managers post the best content on twitter?

May 28, 2015

Reading Time: 3 minutesI really feel that asset managers have stepped up their game in the last 12 months when it comes to posting content on twitter (I made this point in a previous post here), even the institutionally-focused managers who previously might not have seen much upside from the mass-market reach of twitter. I find good quality … More Which asset managers post the best content on twitter?