Description: Recaps the evolution of VA products and hedging programs. Reflects on strategic considerations that contributed to relative performance in this market.

Description: This article explores the market volatility of 2008, and addresses the following question: “was the market behaving inefficiently as appeared to be the case in 2008, or was there something truly rational going on, which for most people was hard to see?”

Description: The purpose of the article is to highlight how a person or organization can excel in both a highly-competitive expert-driven environment and one where the environment is less so. One should focus on what can be done well and delegate the remaining tasks to those who are better at performing them. One should understand the environment they are operating in, how it impacts them, and how it may change through time. The principles have application to investment management, investment performance, organizational performance, business development, career progression and economics.

Description: Comments on how US insurers have compensated for low interest rates by investing in a range of less liquid and lower quality assets.

Description: Explains the more granular breakout of bond RBC factors proposed to the NAIC. Evaluates alternative asset allocation choices for insurers under the new rules.

Description: Chronically low interest rates are a reflection of macroeconomic trends. Care must be exercised in making assumptions regarding mean reversion.

Description: Update on section activities.

Description: “The Great Tech Bubble is one of the great bubbles and collapses in financial market history. It’s an excellent reminder of the madness that humans in financial markets are capable of. That’s just in case we need another reminder right now.”

Description: “Global tactical asset allocation GTAA is an invest¬ment approach that seeks to exploit short-term mar¬ket inefficiencies to generate uncorrelated absolute returns by taking positions in various asset classes, regions, styles and currencies. Due to its low correlation with tradi¬tional asset classes, GTAA can diversify an existing portfolio without making material changes to the portfolio’s overall risk characteristics.”

Description: Recaps April 2015 seminar on derivatives use for fund managers and insurers in China. Describes growth in Chinese derivatives market including CSI 300 futures