HONORS AND AWARDS

2015 CFA Institute's Graham and Dodd for the Best Article of the year in the Financial Analysts Journal, "The Only Spending Rule Article You'll Ever Need." With Laurence B. Siegel. Vol. 71 No. 1,  January-February 2015. The article’s contribution is to use the annuity technique to determine each year the maximum income that retirees can withdraw in that year without facing the risk of running out of money. The authors call their proposed spending rule an annually recalculated virtual annuity (ARVA). They explain and illustrate the mechanics of the ARVA, which allows retirees to recalculate each year how much they can spend based on their life expectancy and the current value of their retirement portfolio. It provides a solid technique for thinking about retirement income for individuals, as well as for thinking about how investment risk flows through to income or consumption risk. It includes alternative means of dealing with the risk of outliving your life expectancy. It presents opportunities to disintermediate life insurance company offerings of commercial annuities.  READ. (See Barton's earlier post describing this article.)

2006 CFA Institute's Graham and Dodd Award for Best "Perspectives" Article of the year in the Financial Analysts Journal: “The Myth of the Absolute Return Investor,” with Laurence B. Siegel, March-April 2006, READ ; republished from “The Myth of the Absolute Return Investor: Sheep in Wolves’ Clothing,” Investment Insights, Barclays Global Investors, San Francisco, March 2005. A testy article mortally challenging street wisdom as it describes hedge funds. 

2004 Bernstein Fabozzi/Jacobs Levy Award of Excellence for Outstanding Article of the year in the Journal of Portfolio Management, “Liability-Relative Investing: Be Dual-Duration Matched and on the Surplus Efficient Frontier,” Read in JPM . Updated and republished as “Liability-Relative Investing I,” Investment Insights, Barclays Global Investors, San Francisco, January 2005. One of two key articles published in sequence, detailing the use of surplus optimization in developing investment policy and strategy. Investment Insights version

2004 CFA Institute's Award of Excellence for Outstanding Feature Article of the year in the Financial Analysts Journal, for “TIPS, the Dual Duration, and the Pension Plan,” with Laurence B. Siegel, September-October, Read in FAJ . A no-equity version of Liability-Relative Investing I, a 2004 Journal of Portfolio Management article. Excellent for insight into the nature of the liability-matching asset portfolio.

2000 Bernstein Fabozzi/Jacobs Levy Award of Excellence for Outstanding Article of the year in the Journal of Portfolio Management, “Optimizing Manager Structure and Budgeting Manager Risk,” with Duane Whitney, John Pirone, and Chip Castille, Spring 2000, Read in JPM . Translated and republished, Japan Financial Analysts Journal, 2003. Generally credited as the lead article on the topic of active risk budgeting.

1992 Outstanding Paper Award for the Journal of Investing, "GICs: The Large Print Giveth and the Small Print Taketh Away," Investing magazine, Summer 1991; updated and reprinted in The Journal of Investing, Summer 1992. Attacking GICs as a risky investment choice for individuals, written “before GIC-bashing became cool.” READ

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