Description: Article Ode To A Part Three Student by Adler in The Actuary, April 1979, Volume 13, Number 4. Poetry.

Description: Brief summary of how asset/liability management for life insurance companies has evolved over the last decade.

Description: The Investment Section will sponsor a seminar on Managing Investment Risk and Returns April 17-18, 1989, at the Marriott Marquis in New York City. The seminar will focus on practical techniques for managing investment risk and enhancing returns for a broad array of both interest-sensitive and portfolio products.

Description: The author notes that “many considerations enter into the determination of investment strategy. Important among these considerations is the maximization of investment income on an after-tax basis rather than on a before-tax basis.” The article then discusses how starting in the early 1960’s insurers, using a marginal tax rate approach, invested heavily in tax exempt bonds. The author, expressing his belief that a major depression is likely to occur in the next 10 years, recommends insurance companies divest of their holding in tax exempt instruments, based on the macroeconomic analysis he presents.

Description: Most investors give convertible securities less prominence than stocks and bonds in their investment portfolios. The attention span given to learning the intricacies and finer points of this hybrid security is quite narrow. In fact, most of us may not even know that a “golden age” existed or whether it has peaked. It’s far beyond our immediate concerns.

Description: This article is a response to an article on the same subject in the March 1968 issue of The Actuary. The author notes that the recommendations in the report in question regarding surplus levels are more appropriate for non-life companies.

Description: In this article, the author provides an extension to 1978 of his Index of Common Stock Values that appeared in the Transactions of Society of Actuaries, XXII, 197. He has also calculated the Compound Annual Growth Rates of Average Common Stock Values for the entire 107-year period.

Description: The purpose of the article is to summarize the results and conclusions of the C-1 Risk Task Force Report prepared for the Committee on Valuation and Related Areas. A key question: Is the risk to insurance companies of defaults on junk bonds sufficient to justify increasing required surplus levels?

Description: This article will cover the background, objectives, investment strategy, fee structure, and results to date of an investment management account dedicated to convertible securities for a major insurance company’s general account. This account was established in March 1986 and funded in 10 equal monthly installments throughout the remainder of the year.

Description: This article is about a session held at the October 1996 annual meeting, which focused on how actuaries can move beyond traditional employers.