Category Archives: Pensions

Post 2500: What is the Aleph Blog About?

Every hundred or so posts, I take a step back, and try to think about broader issues about blogging about finance.  Tonight, I want to explain to new readers what the Aleph Blog is about. There have been many new followers added to my blog recently,  through e-mail, RSS, and natively.  This is because of […]

Book Review: The Investor’s Paradox

Investing is paradoxical, as many that read my blog would know. The market has cycles.  There are overall boom/bust cycles.  There are minor cycles between the major cycles.  Strategies fall in and out of favor.  What is an investor to do?  Even harder, what should one who selects assets managers do? It is hard to […]

To Live off of, and Die from, the Equity Premium and Alpha

I’m working on my taxes.  I’m not in a good mood.  Okay, writing that made me chuckle, because I am usually in a good mood. Let me divide my working life into four segments: 1986-1998: Actuary — reasonably well paid, and significantly underpaid compared to the value I delivered. 1998-2007 — Investment risk manager, Mortgage […]

Sorted Weekly Tweets

Rest of the World   Malaysia Plane Traced in Inmarsat Engineer London Huddle How they managed to figure out the area of the crash $$ $SPY Mar 30, 2014 UK Pension Revolution Putting Long-Term Bonds at Risk Need 2 match liabs drives demand 4 long bonds, lowers yields $$ Mar 30, 2014 Putin Has Exposed NATO’s Weakness US & NATO […]

The Idea of Contributory Defined Benefit Plans

In the good old days, there were Defined Benefit [DB] plans for pensions, and only those.  Why were those good? The sponsor took care of the investing Participants received a level, or inflation-adjusted payment. Payments offered longevity insurance — you could not outlive them. Then, by accident, the 401(k) plan, and other defined contribution [DC] […]