Description: The paper demonstrates that the most popular rationalization for evolving glide paths is flawed and should be discarded. The paper also demonstrates that glide paths should generally evolve for investors that endeavor to optimize outcomes and reevaluate their portfolios regularly.

Description: “DeFi,” or decentralized finance, is an emerging financial system built on blockchains without central intermediaries such as banks. Defi has experienced explosive growth in the last couple of years, with billions of capital locked in numerous DeFi protocols on blockchains. However, DeFi is still relatively unknown outside of the cryptocurrency/blockchain sphere. Established actuarial practice areas such as insurance, employee benefits, banking, and investments all contain DeFi application opportunities for those interested in exploring them. This article aims to provide an introduction to DeFi concepts with a few practical tips.

Description: While the major market crash subsequent to the widespread contagion of the COVID-19 virus was readily predictable, the rapid recovery and ongoing growth subsequent to it was not. Market dynamics around the recovery resist characterization by most traditional analytical approaches. In examining the circumstances around the emergence of a large retail class of investors, one sees that ingrained human tendencies, particularly optimism bias, have fueled much investor behavior responsible for the recovery. Understanding this makes it possible to predict potential future crashes and develop behavioral interventions for subsequent market recoveries.