When the first issue of The Journal of Investing launched in the summer of 1992, I wrote in the Editor’s Letter that our goal was to convey practical and useful information to investment professionals. We wanted every article to be readable. I used to tell authors that articles had to pass the “train test.” At that time, I commuted by train to State Street Global Advisors in downtown Boston. Our CEO allowed me to edit the journal with the stipulation that I did it on my own time, so I read articles on my daily two-hour commute. To pass the train test, an article had to be written in a style compelling enough that I didn’t fall asleep reading it at 6:45 a.m. on the train. I created submission guidelines that still appear in the journal. Instead of the typical list of references, followed by a description of the data, along with tables and charts where everything was labeled in Greek, we asked for clarity about the idea being conveyed and how the research could be used by investment professionals.
With this focus, we found authors with great ideas who also had great writing skills. We led off that first issue with an article from Larry Speidell on emerging markets, providing valuable information to readers about a new asset class. I am pleased that we can lead off the 25th Anniversary issue with another contribution from Larry. We have great contributions from many long-time supporters of the journal in this issue, which concludes with only the second article of mine in 25 years. I have been concerned that some of the origins of behavioral finance in the professional investment community will be lost if we don’t write them down; to that end, I have written about my experiences with behavioral finance over the past 25 years.
When we started The Journal of Investing, we felt that journals had very little contemporaneous debate on ideas. We created a debate on GICs in the first issue and have subsequently had many fascinating debates over the years. I have enjoyed the many thoughtful, yet polarizing, articles we have published. Our goal has been to make sure investment professionals are presented with two sides of important issues. I want to thank our authors for submitting those thought-provoking articles.
Finally, thanks to everyone who makes this journal possible. It started with Institutional Investor when our first publisher, Lauren Marrus, had the faith to launch The Journal of Investing. We have had a fantastic group of publishers over the years, and your support is greatly appreciated. Thanks to all the production and marketing staff at Institutional Investor Journals who make this journal possible. Thanks to our editorial staff, Deborah Trask and Nick Mencher, who have been at the journal since the early days, and to Melinda Estelle, who has joined our ranks more recently. Thanks to all of our advisory board members over the years. Your solicitation of articles in the first few years kept us alive. Thanks to all our reviewers who tirelessly help make our articles better. Thanks to all of our authors—please keep writing articles that have a positive impact on our profession, and we will keep publishing them. And, finally, thanks to you, the reader. Without you, there is no journal.
Fortunately, I was able to start editing this journal when I was at the beginning of my investment career. It’s been a great 25 years at JOI, and I am looking forward to the next 25!
Brian Bruce
Editor-in-Chief
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