Dealing with Pension Plan Deficits

In January, it emerged that Shell UK had become the latest—and probably the last—company in the UK’s FTSE 100 Index to announce it was closing its defined benefit (DB) pension scheme to new members. The news points up a dilemma facing the trustees of many large corporate pension providers.

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Putting Recent Active Manager Performance in Context

History suggests that reports of active management’s death are premature. In fact, conditions appear ripe for a comeback, as my colleague Scott Wallace ably explained in a recent article for Institutional Investor.com’s Global Market Thought Leadership blog, attached below.   

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The Perils of Past Performance, Part 2

Last month, I wrote that even great investors are very likely to underperform in one of the next three-years periods. Here’s some historical evidence that even champs can sometimes look like chumps.

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The Perils of Past Performance, Part 1

In November, legendary equity investor Bill Miller stood down as portfolio manager of the Legg Mason Capital Management Value Trust, after underperforming in four of the past five years. Does this mean Miller had lost his touch?

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