The Only Spending Rule Article You Will Ever Need

Laurence Articles

After examining an array of approaches to determining a spending rule for retirees, the authors propose the annually recalculated virtual annuity. Each year, one should spend (at most) the amount that a freshly purchased annuity—with a purchase price equal to the then-current portfolio value and priced at current interest rates and number of years of required cash flows remaining—would pay …

A Pension Promise to Oneself

Laurence Articles

written by Stephen Sexauer and Laurence Siegel Don’t have a pension? Don’t worry. Most people don’t. They will get to retire, and so will you. “What you and almost everybody else do have is the ability to make a pension promise to yourself that is the economic equivalent of the promise that an employer could make. With your employer’s help, …

Benchmarks and Investment Management

Laurence Books

As author Benchmarks and Investment Management. Research Foundation of CFA Institute, Charlottesville, Va., 2003. Reprinted in its entirety in Lawton, Philip, and Todd Jankowski, eds., Investment Performance Measurement: Evaluating and Presenting Results, CFA Institute Investment Perspectives, John Wiley & Sons, Hoboken, NJ, 2008. Summarized in The CFA Digest, August 2003. Excerpts appear as Chapter 5 and as a sidebar in …

Equity Risk Premium Forum

Laurence Articles

November 8, 2001 Forum Participants Martin L. Leibowitz (Forum Chair)Robert D. ArnottClifford S. AsnessRavi BansalJohn Y. CampbellPeng Chen, CFABradford CornellWilliam N. GoetzmannBrett HammondCampbell R. HarveyRoger G. IbbotsonRajnish MehraThomas K. PhilipsWilliam Reichenstein, CFAStephen RossRobert J. ShillerJeremy SiegelKevin Terhaar, CFARichard H. ThalerJ. Peter Williamson