Description: The models that seek to determine fair value for stocks use corporate earnings and a capitalization rate such as a price/earning ratio to arrive at fair value. Nearly all such models use interest rates to set the capitalization rate. Current interest rates are assumed to be fair, as if there were no emotions in the bond market. Interest rates themselves are never viewed as too high or too low. For the past 10 years [1984-1993] stocks have been viewed as too high, in relation to interest rates. In reality, interest rates have been too high.

Description: The article discusses the characteristics of the high-yielding bank loan asset class.

Description: A research report providing a primer on the mechanics and uses of the Hidden Markov Model for actuarial and financial applications.

Description: This panel discussion session focuses on approaches to investing pension assets including real estate, foreign investment, gold, and allocation of assets to various investment categories. From Record of Society of Actuaries 1980, Vol. 6, No. 4.