Less-biased Thinking by Design

Reading Time: 7 minutes The evidence is undeniable. We all have brains that are set-up to make consistently bad choices when it comes to domains that are complex, ambiguous and unpredictable – like investing. We overestimate our own ability, screen out information that conflicts with our pre-conceived views, we fear losses, and anchor to what feels well known and … More Less-biased Thinking by Design

Three Ideas that Came of Age in 2018

Reading Time: 5 minutes 1. The Universal Owner Did you go to many investment conferences in 2018? You probably don’t need me to tell you that ESG (Environmental, Social and Governance) considerations have been brought front and centre this year. I think this theme can be interpreted at a higher level in terms of how asset owners weigh externalities … More Three Ideas that Came of Age in 2018

[Books] Wiser – how group decisions can let us down

Reading Time: 5 minutes I’m sure you can picture the scene. A group sits down to make a critically important decision. Much discussion follows. One person after another lays out their views, lots of points are made. There are some clear areas of agreement. Nods all round. The answer starts to become clear. With a few changes a consensus … More [Books] Wiser – how group decisions can let us down

One minute guide to real-world AI implementation 

Reading Time: 4 minutes McKinsey just published an excellent and comprehensive paper covering how Artificial Intelligence (AI) can deliver real value for business. tl;dr The only issue – at 80 pages it’s a lot to read. A lot of the use cases focus on retail, energy and education, one angle I find particularly are the read-across of these examples into … More One minute guide to real-world AI implementation 

Why a Focus on Personality Matters for a Better Pensions Team

Reading Time: 5 minutes I really enjoyed this fantastic article which featured in the March issue of Harvard Business Review, and explores the Deloitte Business Chemistry model in relation to trying to understand differing work styles and team dynamics. I’d definitely recommend reading the article in full if you haven’t already. Pensions It got me wondering – how might … More Why a Focus on Personality Matters for a Better Pensions Team

2016’s Most Popular 

Reading Time: 2 minutes My most-read blog posts of 2016 were:  1. Why Anthony Hilton is wrong about DB pensions  This post, responding to the misguided (in my view) viewpoints of London Evening Standard journalist Anthony Hilton in September garnered by far the most views of any of my blogs this year (around 1400 views).  An extended version of … More 2016’s Most Popular 

Why Anthony Hilton is Wrong on Pensions 

Reading Time: 2 minutes “Expected returns don’t pay benefits, cash does” Anthony Hilton recently wrote a stinging attack on pension consultants -like myself- who advise defined benefit pension schemes to measure, and hedge, their liabilities with reference to gilt yields. Here’s one (of several) reasons why he’s wrong. His argument – that you could fund based on the much … More Why Anthony Hilton is Wrong on Pensions 

Two Days Among Actuaries

Reading Time: 4 minutes Just back from a couple of great  (sunny!) days in Edinburgh for the institute of actuaries conference which importantly this year incorporated pensions, investment and risk components together for the first time. Quite a lot of interesting takeaways and observations from around the industry. As Marian Elliott said in the first session  “To the worm … More Two Days Among Actuaries