This section contains free access to downloadable pdf copies of back issues of the US Dollar edition of The Retired Investor that we published between 2004 and 2011, organized by year and topic.
In addition to longer analyses and shorter product and strategy notes, each back issue also contains a variety of standard asset class valuation and market risk analyses.
Last but not least, for academic and other researches (including investment professionals who were too young to have lived through it), this archive provides a detailed contemporaneous record of how one group of analysts assessed and forecasted the evolution of economic, social, political, and financial market conditions between 2004 and 2011. We hope it provides useful alternative perspective to historical accounts of this period that have been written with the benefit of 20/20 hindsight.
Here is an index of all the feature articles we have published:
.
In addition to longer analyses and shorter product and strategy notes, each back issue also contains a variety of standard asset class valuation and market risk analyses.
Last but not least, for academic and other researches (including investment professionals who were too young to have lived through it), this archive provides a detailed contemporaneous record of how one group of analysts assessed and forecasted the evolution of economic, social, political, and financial market conditions between 2004 and 2011. We hope it provides useful alternative perspective to historical accounts of this period that have been written with the benefit of 20/20 hindsight.
Here is an index of all the feature articles we have published:
.
A Closer Look at Equity Market Valuations Around the World, May05
A Closer Look at Social Security Reform in the United States, Apr05
A Primer on Volatility, Sep06
A Reply to Recent Arguments Against Passive Investing, Jul04
Active Management and Risk Budgeting, Jul06
Active versus Passive Investing: A Synthesis of Recent Research, Nov10
Advantages and Limitations of Online Asset Allocation Calculators, Apr04
Analysis of Competing Economic Hypotheses, Apr09
Annual Economic Outlook, With Scenarios and Warning Indicators, Mar06
Are Commercial Property Funds Overvalued? Feb06
Are Commodity Index Funds Overvalued? Feb06
Are Emerging Market Equities Overvalued? Nov08
Art as an Asset Class, Jan05
Asset Allocation and the Limits to Our Knowledge, Jul07
Bridgewater’s All Weather Fund, Jul05
Climate Change and Asset Allocation, Nov06
Comparing DFA and Vanguard Index Funds, Nov04
Comparing Private and Public Market Equity Returns, Net of Fees, Feb04
Conventional Economic Wisdom, and Most Dangerous Scenarios, Sep05
Critical Challenges Posed by Excess Leverage and Declining Political Legitimacy, May10
Critical Uncertainties: Potential Future Actions by Iranian Youth, Chinese Peasants, and the American Middle Class, Oct08
Currency Exposure: A Risk to be Hedged, a Source of Uncorrelated Returns, or Both? Jun07
Do Sector Index Funds Make Sense for Your Portfolio? Apr06
Economic Situation Awareness: Do We Still “Have the Bubble?” Mar10
Economic Update: Key Uncertainties, Scenarios, and Investment Implications, Sep03
Economic Warning Indicators Update, Jan07
Emotional Regulation, Resilience, Intuition, and Investment Decision Making, Jan11
Equity Based Compensation Plans and Asset Allocation, Feb07
Estimating the Future Real Risk Free Rate, Sep07
Evaluating the Performance of Equal Risk Weighted Portfolios in 2007 and 2008, Oct09
Extent and Nature of Retired Investors' Bequest Motives, Nov04
Five Year Economic Scenarios, and Implications for Asset Class Returns, Dec10
Future Economic Scenarios and Asset Allocation Implications, Mar09
Grounding Risk Management in Neuroscience, May09
Growth of the Exchange Traded Funds Market, Jul06
How Are Portfolio Allocations Affected by the Use of Different Statistical Distributions to Represent Potential Asset Class Returns? Dec05
How Does The Inclusion Of Different Asset Classes Affect Potential Portfolio Risks and Returns? Dec05
How to Raise Your Chances of Beating and Index Fund, Oct07
How Fast Does Human Performance Deteriorate with Age? Jan05
IMF’s Gloomy Outlook, Oct11
Impact of Population Aging on Asset Class Returns: Analysis, Forecast, and Early Warning Indicators, May04
Implementing Savings and Withdrawal Strategies, Mar07
Including Uncorrelated Alpha Hedge Fund Strategies in Your Portfolio, Jan04
Increasing Threats to Political Legitimacy, Sep10
Index Mutual Funds versus Exchange Traded Funds, Jun04
Investing in Debt Asset Classes, Dec04
Investing in Foreign Currency Bonds and Foreign Commercial Property, Aug05
Investing in Hedge Funds and Private Equity, Jul05
Investing in the Anglosphere: Who is the Fairest of Them All? Apr08
Investment Implications of the Joint Operating Environment 2008, and Global Trends 2025, Feb09
Investor Herding Risk Analysis, Oct11
Is Equity Volatility an Asset Class? Jun05
Is Timber Overvalued? Apr06
Jeremy Grantham’s Case Against Private Equity, Sep07
Learning from the Past, Anticipating the Future, and Adapting Quickly in the Present, Dec09
Letter About Investing to the New Graduate, Aug09
Logical Investment Implications of Your Beliefs About Forecasting, Jan06
Making Sense of Rapidly Changing and Highly Uncertain Financial Markets, Jul08
Managing Longevity Risk at the Individual and Institutional Level, Dec06
Market Capitalization versus Equal Index Weighting, Jul04
Market Microstructure’s Impact on Volatility, Liquidity, and Correlation, Nov06
New Research Findings on Investor Behavior, Nov07
Norway Debates Factor-Based Asset Allocation, and Active vs. Passive Investing, Feb10
Another Look at Timber as an Asset Class, Jun05
Outlook for Venture Capital Returns, Jul09
Personality, Risk Tolerance, and Adaptation to Loss, Nov10
Possible Implications of “Trends that Cannot Continue”, Sep08
Potential Benefits of Macro Shares, Mar07
Potential Impact of Three Scenarios on Our Asset Class Pricing Models, Jan06
Potential Impact of a Global Influenza Pandemic, Jan06
Predicting Shifts in Investor Behavior, Nov09
Private Equity Performance: Another Look, Dec06
Relationship (or Lack Thereof) Between GDP Growth and Equity Market Returns, Feb05
Review of Academic and Practitioner Research on Active Management, Aug04
Review of Our Asset Allocation and Portfolio Construction Methodology, Apr05
Review of Our Asset Allocation Methodology, Nov05
Review of the IMF’s Latest World Economic Outlook, Sep06
Rising Economic Inequality in Western Countries: Causes and Potential Consequences, Feb07
Risk of Deflation and Its Impact on Asset Class Returns, Aug10
Role of Property in a Portfolio, Given Recent Experience, Jun09
Section 529 College Savings Plans: A Briefing for Parents
Should We Treat Art as an Asset Class? Sep07
Should You Be a Momentum Investor? Feb05
Should You Tilt Your Equity Allocation Toward Midcaps? Oct04
Should You Tilt Your Equity Allocation Towards Small and Microcap Stocks? Jun04
Six Uncertainties That Will Drive Asset Class Valuations, Sep04
Socially Responsible Investing, Jan05
Sources of Deep Systemic Risk, Nov06
Sources of Irreducible Uncertainty, and Their Effects on Asset Allocation Decisions, Oct05
Strengths and Weaknesses of Classical Efficient Markets Theory, Feb04
Substantial Uncertainty Lies Ahead: Sell Overvalued Asset Classes, and Redeploy into Undervalued Ones and Cash, May08
Technology, Customer, and Competitive Trends in Retail Financial Services, May06
The Gordian Macro Knot, and Its Implications for Asset Class Returns, Sep11
The Joys of Equal Weighting, Jan07
The Quants' Failure, and the Metaphysics of Financial Markets, Jun08
The Supply of Alpha and Returns from Active Management, Mar08
Thinking Clearly About Risk, Nov07
Timber as an Asset Class, Mar04
To Annuitize or Not to Annuitize, That is The Question, May06
True Costs of Active Management, Jul05
Uncertainty, Information, and Active Management, Aug06
Understanding and Predicting Uncertainty Shocks, Part 1, Jun10
Understanding and Predicting Uncertainty Shocks, Part 2, Jul10
Using Complex Adaptive Systems Theory to Understand the Economy and Financial Markets, Mar05
Value Premium, R.I.P.? Aug06
What are the Components and Total Value of the Global Market Portfolio? Oct04
What are Volatility and Credit Spreads Trying to Tell Us? Jun06
What Causes Business Failure? Sep09
What Lies Ahead for China? Apr10
What Research Says About Becoming a Better Active Investor (We’re Still Not Convinced), Apr07
What to Make of Last Month’s Turbulence in Many Financial Markets? May06
What’s Not in Our Model Portfolios, and Why, Feb08
What’s the Proper Role of Gold in a Portfolio? Jan10
When and How Should You Rebalance Your Portfolio? Jun06
Whole Life Insurance as a Source of Uncorrelated Returns, Jun07
Why We Don’t Sleep Well These Days, and Moving Into Cash Looks Like a Good Idea, May07
Why Were So Many Investors and Advisors Surprised in 2008? Jan09
Will Fundamental and Dividend Weighted Funds Deliver What They Promise? Jun06
A Closer Look at Social Security Reform in the United States, Apr05
A Primer on Volatility, Sep06
A Reply to Recent Arguments Against Passive Investing, Jul04
Active Management and Risk Budgeting, Jul06
Active versus Passive Investing: A Synthesis of Recent Research, Nov10
Advantages and Limitations of Online Asset Allocation Calculators, Apr04
Analysis of Competing Economic Hypotheses, Apr09
Annual Economic Outlook, With Scenarios and Warning Indicators, Mar06
Are Commercial Property Funds Overvalued? Feb06
Are Commodity Index Funds Overvalued? Feb06
Are Emerging Market Equities Overvalued? Nov08
Art as an Asset Class, Jan05
Asset Allocation and the Limits to Our Knowledge, Jul07
Bridgewater’s All Weather Fund, Jul05
Climate Change and Asset Allocation, Nov06
Comparing DFA and Vanguard Index Funds, Nov04
Comparing Private and Public Market Equity Returns, Net of Fees, Feb04
Conventional Economic Wisdom, and Most Dangerous Scenarios, Sep05
Critical Challenges Posed by Excess Leverage and Declining Political Legitimacy, May10
Critical Uncertainties: Potential Future Actions by Iranian Youth, Chinese Peasants, and the American Middle Class, Oct08
Currency Exposure: A Risk to be Hedged, a Source of Uncorrelated Returns, or Both? Jun07
Do Sector Index Funds Make Sense for Your Portfolio? Apr06
Economic Situation Awareness: Do We Still “Have the Bubble?” Mar10
Economic Update: Key Uncertainties, Scenarios, and Investment Implications, Sep03
Economic Warning Indicators Update, Jan07
Emotional Regulation, Resilience, Intuition, and Investment Decision Making, Jan11
Equity Based Compensation Plans and Asset Allocation, Feb07
Estimating the Future Real Risk Free Rate, Sep07
Evaluating the Performance of Equal Risk Weighted Portfolios in 2007 and 2008, Oct09
Extent and Nature of Retired Investors' Bequest Motives, Nov04
Five Year Economic Scenarios, and Implications for Asset Class Returns, Dec10
Future Economic Scenarios and Asset Allocation Implications, Mar09
Grounding Risk Management in Neuroscience, May09
Growth of the Exchange Traded Funds Market, Jul06
How Are Portfolio Allocations Affected by the Use of Different Statistical Distributions to Represent Potential Asset Class Returns? Dec05
How Does The Inclusion Of Different Asset Classes Affect Potential Portfolio Risks and Returns? Dec05
How to Raise Your Chances of Beating and Index Fund, Oct07
How Fast Does Human Performance Deteriorate with Age? Jan05
IMF’s Gloomy Outlook, Oct11
Impact of Population Aging on Asset Class Returns: Analysis, Forecast, and Early Warning Indicators, May04
Implementing Savings and Withdrawal Strategies, Mar07
Including Uncorrelated Alpha Hedge Fund Strategies in Your Portfolio, Jan04
Increasing Threats to Political Legitimacy, Sep10
Index Mutual Funds versus Exchange Traded Funds, Jun04
Investing in Debt Asset Classes, Dec04
Investing in Foreign Currency Bonds and Foreign Commercial Property, Aug05
Investing in Hedge Funds and Private Equity, Jul05
Investing in the Anglosphere: Who is the Fairest of Them All? Apr08
Investment Implications of the Joint Operating Environment 2008, and Global Trends 2025, Feb09
Investor Herding Risk Analysis, Oct11
Is Equity Volatility an Asset Class? Jun05
Is Timber Overvalued? Apr06
Jeremy Grantham’s Case Against Private Equity, Sep07
Learning from the Past, Anticipating the Future, and Adapting Quickly in the Present, Dec09
Letter About Investing to the New Graduate, Aug09
Logical Investment Implications of Your Beliefs About Forecasting, Jan06
Making Sense of Rapidly Changing and Highly Uncertain Financial Markets, Jul08
Managing Longevity Risk at the Individual and Institutional Level, Dec06
Market Capitalization versus Equal Index Weighting, Jul04
Market Microstructure’s Impact on Volatility, Liquidity, and Correlation, Nov06
New Research Findings on Investor Behavior, Nov07
Norway Debates Factor-Based Asset Allocation, and Active vs. Passive Investing, Feb10
Another Look at Timber as an Asset Class, Jun05
Outlook for Venture Capital Returns, Jul09
Personality, Risk Tolerance, and Adaptation to Loss, Nov10
Possible Implications of “Trends that Cannot Continue”, Sep08
Potential Benefits of Macro Shares, Mar07
Potential Impact of Three Scenarios on Our Asset Class Pricing Models, Jan06
Potential Impact of a Global Influenza Pandemic, Jan06
Predicting Shifts in Investor Behavior, Nov09
Private Equity Performance: Another Look, Dec06
Relationship (or Lack Thereof) Between GDP Growth and Equity Market Returns, Feb05
Review of Academic and Practitioner Research on Active Management, Aug04
Review of Our Asset Allocation and Portfolio Construction Methodology, Apr05
Review of Our Asset Allocation Methodology, Nov05
Review of the IMF’s Latest World Economic Outlook, Sep06
Rising Economic Inequality in Western Countries: Causes and Potential Consequences, Feb07
Risk of Deflation and Its Impact on Asset Class Returns, Aug10
Role of Property in a Portfolio, Given Recent Experience, Jun09
Section 529 College Savings Plans: A Briefing for Parents
Should We Treat Art as an Asset Class? Sep07
Should You Be a Momentum Investor? Feb05
Should You Tilt Your Equity Allocation Toward Midcaps? Oct04
Should You Tilt Your Equity Allocation Towards Small and Microcap Stocks? Jun04
Six Uncertainties That Will Drive Asset Class Valuations, Sep04
Socially Responsible Investing, Jan05
Sources of Deep Systemic Risk, Nov06
Sources of Irreducible Uncertainty, and Their Effects on Asset Allocation Decisions, Oct05
Strengths and Weaknesses of Classical Efficient Markets Theory, Feb04
Substantial Uncertainty Lies Ahead: Sell Overvalued Asset Classes, and Redeploy into Undervalued Ones and Cash, May08
Technology, Customer, and Competitive Trends in Retail Financial Services, May06
The Gordian Macro Knot, and Its Implications for Asset Class Returns, Sep11
The Joys of Equal Weighting, Jan07
The Quants' Failure, and the Metaphysics of Financial Markets, Jun08
The Supply of Alpha and Returns from Active Management, Mar08
Thinking Clearly About Risk, Nov07
Timber as an Asset Class, Mar04
To Annuitize or Not to Annuitize, That is The Question, May06
True Costs of Active Management, Jul05
Uncertainty, Information, and Active Management, Aug06
Understanding and Predicting Uncertainty Shocks, Part 1, Jun10
Understanding and Predicting Uncertainty Shocks, Part 2, Jul10
Using Complex Adaptive Systems Theory to Understand the Economy and Financial Markets, Mar05
Value Premium, R.I.P.? Aug06
What are the Components and Total Value of the Global Market Portfolio? Oct04
What are Volatility and Credit Spreads Trying to Tell Us? Jun06
What Causes Business Failure? Sep09
What Lies Ahead for China? Apr10
What Research Says About Becoming a Better Active Investor (We’re Still Not Convinced), Apr07
What to Make of Last Month’s Turbulence in Many Financial Markets? May06
What’s Not in Our Model Portfolios, and Why, Feb08
What’s the Proper Role of Gold in a Portfolio? Jan10
When and How Should You Rebalance Your Portfolio? Jun06
Whole Life Insurance as a Source of Uncorrelated Returns, Jun07
Why We Don’t Sleep Well These Days, and Moving Into Cash Looks Like a Good Idea, May07
Why Were So Many Investors and Advisors Surprised in 2008? Jan09
Will Fundamental and Dividend Weighted Funds Deliver What They Promise? Jun06
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