Description: Have you ever wondered why patterns persist in the stock market but never change our expected return? Efficient-market theory has been attacked by many sides, especially due to the existence of irrational investors.

Description: The appropriate role for actuaries when advising on long-term investment strategies for individual retirement savings.

Description: This session discussion is about recent developments and public discussions affecting pension benefits in Canada, Great Britain, Brazil, Japan and Australia, and contrasting them with the United States. The discussion includes different attitudes toward pension surpluses and trends toward defined contribution versus defined benefit plans. From Record of the Society of Actuaries Vol. 14, No. 1.