When investment strategies such as option-based strategies are designed to truncate returns
below a specified threshold level, their return distributions are not normally distributed. …

Recent academic literature on hedging with the portfolio model in the futures market has
tended to focus on three individual topics: the ex post hedging effectiveness of various futures …

Picture George Costanza screaming “FIRE! FIRE!” and barreling his way out the door,
knocking over old women and children, and you will have a very good visual idea of what a “…

Although Canadian pension funds have largely neglected international assets, diversification
into international equity over the past 13 years would have offered Canadian money …

This article summarizes 30 years of investment management history andprovides some vision
of the future. The investment management industryhas evolved from the dark age of the …

We see that" the more things change, the more they stay the same." Table 1 compares the
average annual Canadian dollar total returns, volatilities and correlations for six asset classes …

Investors seeking to lower risk have been replacing public equities with private equities,
real estate, infrastructure, farmland and other absolute strategies. Harry Marmer of Hillsdale …

Sailing along in clear weather, the navigator can determine the position of his vessel by
bearings on landmarks or other terrestrial objects; but in thick weather he can no longer do this, …

A recent CFA Institute Magazine article asked the formidable question “Should financial
history matter to investors?” 1 We unquestionably agree with the article’s survey results, which …