Description: A discussion on how, as some have worried, we are entering uncharted territory for countries such as the United States and the Eurozone, as large amounts of money are being expended to stave off major global financial crises.

Description: Provides a technique for carrying out investment performance attribution reporting which provides stable, consistent results without residuals. Provides simple examples and a mathematical defense of the method. Illustrates implementation using numerical integration. Provides guidance to limit application of the technique when there are discontinuities in the underlying exposure.

Description: In this Chairman’s corner column, Tom Anichini suggests several sources for finding investment related continuing education content. In addition to archived SOA presentations and recordings, other potential sources include pertinent academic and practitioner periodicals, blogs, podcasts, conference and seminar websites, and networks of academic publications and working papers.

Description: This articles explains why many corporations are making massive reductions in risk related to their pension plans despite the fact that this means locking in costs at a time of historically low interest rates. This should help actuaries working with pension plans or pension investments advise clients on investment strategies and other approaches to de-risking.

Description: Summarizes a research paper considering insurer performance during the financial crisis, with actions and circumstances that improved results highlighted.

Description: The impact of Fed’s QE program on the financial markets has been enormous and profound. The tapering and the eventual removal of the stimulus will be equally enormous and profound, and may be disruptive. To adapt to the potential regime change in near future, some investment strategies have been proposed: (1) shorten duration to focus on the short end of the yield curve and create laddered portfolios; (2) reduce allocation to high yield bonds; (3) rotate out interest rate sensitive sectors such as utilities; and (4) use interest rate derivatives to hedge the interest rate uncertainties lying ahead. On the other hand, contrarians who see the QE program continuing may stay the course and consider (1) adding duration, (2) gaining exposure to high yield bonds, and (3) increasing allocation to utilities and telecoms.

Description: Chairman's perspectives on the Section and R&R

Description: Describes outlook for inflation, generally higher in the US and lower in Japan/Europe. Enumerates macroeconomic drivers of inflation, and comments on the pace of inflation-linked debt issuance globally.

Description: Explains considerations for stochastic modeling of credit spreads, inflation and exchange rate risk.

Description: Describes joint meeting in February 2015 between Investment Section representatives and NY Society for Quantitative Analysts, on pension investing in an LDI framework.