Description: Review of Fifty-Second Annual Report of the Board of Actuaries of the Civil Service Retirement System. The authors found it to be a concise well written report discussing a number of issues facing all pensions in an inflationary economy. Both the title and the dull format in the usual Government Printing Office style would seem to insure this document's instantaneous consignment to dead storage. However, behind the cover of this small pamphlet is a concise, well written report discussing-a-number of the issues facing not only federal pension programs at the present time, but all pensions in an inflationary economy. For example, several of the 11 pages devoted to the main report discuss the implications of static assumptions ignoring inflation as opposed to dynamic assumptions including inflation.

Description: Gives examples of the difference between actual data distribution of investment returns compared with lognormal assumptions.

Description: Feature article discussing arithmetic means.

Description: Feature article about: one of the significant contributions of modern academic finance has been to introduce the concept of stochastic investment forecasting