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About Bob Collie

Fiduciary Matters blog

Insights for institutional investors

September 17, 2014By

Whatever happened to globalization?

We’ve been hearing for years about the closer integration of the world’s economies and markets. Companies operate seamlessly across borders; location of headquarters and stock listing are increasingly matters of choice; investors think globally. Yet some features of individual markets remain. Last week, James Barber (Russell’s Chief Investment Officer – Equities) was presenting to the

Categories: Category: Equities
By September 10, 2014

The two flavors of mean reversion

Most investors are familiar with mean reversion, the idea that extremes tend not to persist, and that outstandingly good (or bad) performance tends back toward the average in time.

Categories: Category: General
By September 2, 2014

What if ERISA had applied to public plans too?

I have a rule: I never require myself to answer hypothetical questions. At the end of the day, they’re just hypothetical and the answers don’t count for a thing.

Categories: Category: Defined benefit strategy
By August 25, 2014

Forecasting interest rate movements is never easy—and it’s especially tough right now

Most readers of this blog are, I hope, familiar with the concept of the forward curve . The forward curve is the bond market’s version of the principle that what matters when you take an investment position is not so much what you expect to happen, but rather what you expect to happen relative to what is already priced in to the market.

Categories: Category: Fixed income, Liability driven investing
By August 20, 2014

The Supreme Court weighs in on stock drop cases (and on the efficiency of markets)

For fiduciaries of Employee Stock Ownership Plans (ESOPs) – or of 401(k) plans that offer a company stock option – stock drop lawsuits have been a source of worry for years.

By August 12, 2014

New evidence of the financial impact of ESG factors

Factor exposures (a.k.a smart beta ) have become a big deal in investment. It’s no longer just about large vs. small or value vs. growth. There are potentially hundreds of exposures that investment managers can now track, analyze and manage.

Categories: Category: Governance & risk management
By August 1, 2014

Pension smoothing has become a modern-day Indiana Pi Bill

Imagine the scene: a bill which establishes a new mathematical truth is introduced to a House of Representatives. Providing a convenient solution to a sticky problem, and with a favorable report, the House is happy to pass the bill. But as the bill moves to the Senate, further scrutiny throws doubts on the new “truth”, the

Categories: Category: Defined benefit strategy