Category Archives: Pensions

Advice on Organizing Asset Allocations and Managers

I was reading an occasional blast email from my friend Tom Brakke, when he mentioned a free publication from Redington, a UK asset management firm that employs actuaries, among others. I was very impressed with what I read in the 32-page publication, and highly recommend it to those who select investment managers or create asset […]

On Financial Risk Statements, Part 1

Most formal statements on financial risk are useless to their users. Why? They are written in a language that average people and many regulators don’t speak. They often don’t define what they are trying to avoid in any significant way. They don’t give the time horizon(s) associated with their assessments. They don’t consider the second-order […]

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 […]