Writing

ARTICLES

2020 – Present

“Henry Kissinger on the Promise and Threats of AI,” Advisor Perspectives, November 21, 2023.

“Assessing the Threats and Benefits of Artificial Intelligence,” AJO Vista, November 2023.

“Why Are Elephants So Smart and Buildings So Short?,” Advisor Perspectives, October 2, 2023.

“‘Size’ Matters…But Pay More Attention to Scale,” AJO Vista, September 2023.

“Harry Markowitz and the Philosopher’s Stone,” With Stephen C. Sexauer, AJO Vista, August 31, 2023.

“Would Charles Darwin Have Been a Good Investor?,” Advisor Perspectives, July 24, 2023.

“Can Evolutionary Biology Inform Investing?,” AJO Vista, June 2023.

“The Folly of Trying to Control Technology,” Advisor Perspectives, May 15, 2023.

“The Folly of Trying to Control Technology,” AJO Vista, May 2023.

“Conference Roundup: Mark Mills on the Cloud, the Robot Revolution, and Machines That Think,” Edited by Laurence Siegel, AJO Vista, April 2023.

“The Dilemma That Isn’t: Bonds versus Bond Funds,” AJO Vista, March 27, 2023.

“The Dilemma That Isn’t: Bonds versus Bond Funds,” Advisor Perspectives, March 27, 2023.

“Alternatives for the Masses?,” AJO Vista, February 6, 2023.

“Alternatives for the Masses?,” Advisor Perspectives, February 6, 2023.

“Alternatives for the Masses? Why liquid-alts funds are not suitable for the typical investor,” Morningstar Magazine, 2Q 2023, pp. 40-46.

“Capitalism’s Triumph over Feudalism,” Advisor Perspectives, December 12, 2022.

“Why Joel Kotkin’s Fear of American Neo-Feudalism Is Unfounded,” AJO Vista, December 11, 2022.

“Longer, Healthier, Happier: Why Working Longer Improves Almost Everything,” with Stephen C. Sexauer, AJO Vista, November 2022.

“Is the “Long Boom” of Technological Advancements Over?,” Advisor Perspectives, October 31, 2022.

“Why Brad DeLong Thinks the Long Boom Is Over,” AJO Vista, October 2022.

“The Destruction Wreaked by Ultra-Low Interest Rates,” Advisor Perspectives, September 5, 2022.

“The Price of Time,” AJO Vista, August 31, 2022.

“Artificial Intelligence is Less Than It Seems, and Will Not Save or Destroy Us (But I Could Be Wrong),” with commentary and an afterword by Fred Mueller, August 14, 2022.

“Artificial Intelligence is Less Than It Seems, and Will Not Save or Destroy Us,” AJO Vista, July 25, 2022.

“The Sobering Limitations of Artificial Intelligence,” Advisor Perspectives, July 25, 2022.

“How Venture Capital Thrives by Betting on Weirdness,” AJO Vista, June 21, 2022.

“Everything You Know Is Wrong,” AJO Vista, May 2, 2022.

“Is a Rejection of Classical Finance Justified?,” Advisor Perspectives, May 2, 2022.

“Debunking 7½ Myths of Investing” (gated), with Stephen C. Sexauer, Journal of Investing, Vol. 31, no. 4 (May 2022), 30th Anniversary Special Issue, pp. 95-111. First runner-up for the 2022 Peter L. Bernstein Award presented by PMR. The award recognizes the best papers in PMR’s suite of 11 journals. For a copy, write to me.

“Where’s Tobin? Protecting Intergenerational Equity for Endowments – A New Benchmarking Approach,” with M. Barton Waring, version of April 15, 2022. Journal of Portfolio Management, November 2022.

“Cloudy with a Chance of Technological Breakthrough,” AJO Vista, April 4, 2022.

“Why Generational Differences Matter Less Than You Think,” Advisor Perspectives, January 31, 2022.

“Generational Differences Are Less Important Than You Think,” AJO Vista, January 2022.

“Friedman’s Bulldog? Edward Yardeni Presents a Brief for Capitalism,” AJO Vista, January 2022.

“How to Think: Steven Pinker’s Instruction Manual for Your Brain,” Welling on Wall St., December 17, 2021.

“Steven Pinker’s Instruction Manual for Your Brain,” Advisor Perspectives, December 7, 2021.

“How to Think: Steven Pinker’s Instruction Manual for Your Brain,” AJO, December 6, 2021.

“Protecting Portfolios Against Inflation” (gated), with Eugene Podkaminer and Wylie Tollette, Journal of Investing, April 2022. An earlier version is here.

“Paul Samuelson and Milton Friedman: The Epic Battle that Wasn’t,” AJO, September 2021.

“Charles Gave Asks What Kind of Monetary Regime We’re In,” AJO, September 2021.

“Deirdre McCloskey and Art Carden Explain How the Modern World Came to Be,” AJO, September 2021.

“How Did the World Go from Poor to Rich?,” Advisor Perspectives, August 30, 2021.

“Niall Ferguson Says We’re Getting Worse at Dealing with Catastrophes (But He’s Wrong),” AJO, August 9, 2021.

“The Endowment Model is Just Active Management,” The Journal of Investing, August 2021.

“The Market Portfolio Is Bigger Than You Think,” The Journal of Investing, August 2021.

“Fewer, Richer, Greener!,” Interviewed by Kathryn M. Welling, Welling on Wall St., July 30, 2021.

“Michael Lewis on the Unlikely Trio That Defeated the Pandemic,” AJO, June 2, 2021.

“Michael Lewis on the Unlikely Trio That Defeated the Pandemic,” Advisor Perspectives, May 31, 2021.

“Financial Folly, Religious Frenzy and the Delusions of Crowds,” AJO, May 8, 2021.

“Financial Folly, Religious Frenzy and the Delusions of Crowds,” Advisor Perspectives, May 3, 2021.

“Don’t Give Up the Ship: The Future of the Endowment Model,” Journal of Portfolio Management, Investment Models 2021, volume 47, issue 5.

“Will Demographic Trends Drive Higher Inflation and Interest Rates?,” Advisor Perspectives, February 8, 2021.

“Twenty Rules for Life: Morgan Housel’s Antidote to Financial Chaos,” Advisor Perspectives, December 7, 2020.

“Conversations with Frank Fabozzi,” Portfolio Management Research, November 24, 2020.

“Uncovering the Mystery Behind Innovation,” Advisor Perspectives, October 5, 2020.

“Uncovering the Mystery Behind Innovation,” AJO, October 2020.

“Accounting For Survivorship: Data on a unique market in an unparalleled time is inherently biased,” with Paul D. Kaplan, Morningstar, September 2020.

“The Future of Liberal Democracy,” Advisor Perspectives, August 10, 2020.

“The Future of Liberal Democracy,” AJO, August 2020.

“Living with Risk: The COVID-19 Iceberg,” with Stephen C. Sexauer, CFA Institute Research Foundation, August 2020.

“A Misguided and Harmful View of Trade Deficits,” Advisor Perspectives, June 22, 2020.

“The 19th Century Called and Wants Its Trade Policy Back,” AJO, June 2020.

“The Wile E. Coyote Economy,” with Stephen C. Sexauer, CFA Institute Research Foundation, April 23, 2020.

“The Wisdom and Folly of Paul Krugman,” Advisor Perspectives, April 13, 2020.

“‘We’ll get through it’: A venture capitalist and medical doctor reflects on COVID-19,” CFA Institute Research Foundation, April 2020.

“The Novelty of the Coronavirus: What it Means for Markets,” Advisor Perspectives, March 23, 2020.

“Save the Children (from Apocalyptic Thinking),” Advisor Perspectives, excerpted from Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance (John Wiley & Sons, 2019), March 9, 2020.

“Debunking Nine and a Half Myths of Investing,” AJO, March 2020.

“What is Good Government, and Why Is It So Rare and Precious?,” Advisor Perspectives, January 20, 2020.

“What is Good Government, and Why Is It So Rare and Precious?,” AJO, January 2020.

2015 – 2019

“Malcolm Gladwell’s Talking to Strangers: On Preventing Financial Fraud…and Worse,” AJO, November 12, 2019.

“Malcolm Gladwell on Preventing Financial Fraud … and Worse,” Advisor Perspectives, November 11, 2019.

“Conference Roundup: Negative Interest Rates and the End of the Age of Experts,” AJO, November 2019.

“A Blueprint for a Prosperous, Sustainable Future,” Advisor Perspectives, October 28, 2019.

“A Blueprint for a Prosperous, Sustainable Future,” AJO, October 2019.

“Real Interest Rate Shocks and Portfolio Strategy,” with Wylie Tollette and Eugene Podkaminer, Franklin Templeton Thinks, Franklin Templeton (San Mateo, CA), September 30, 2019.

“The Advantage of Generalists over Specialists,” Advisor Perspectives, August 19, 2019.

“Home, Home on the Range: The Advantage of Generalists over Specialists,” AJO, August 2019.

“Investing in China: Silk (Road) Purse or Sow’s Ear? An Interview with Scott Malpass and Jay Willoughby,” TIFF, July 2019.

“The History and Future of Venture Capital Investing,” AJO, June 2019.

“Ten Years After – Reflections on the Global Financial Crisis,” with Luis Garcia-Feijóo, CFA Institute Research Foundation, June 2019.

“Is Big Business Bad Business?,” Advisor Perspectives, May 13, 2019.

“Conference Roundup: ‘You must have a very successful dentist’: A Conversation with CIOs Linda Strumpf and Roz Hewsenian,” AJO, May 2019.

“Is Big Business Bad Business?,” AJO, May 2019.

“Solving Global Poverty: Clay Christensen Says Disruption, Innovation Up To the Task,” Welling on Wall St., April 19, 2019.

“Clay Christensen: Disruption and Innovation Can Solve Global Poverty,” Advisor Perspectives, April 8, 2019.

“Conference Roundup ‘Money Changes Everything’: The Many-Faceted Mind of Will Goetzmann,” AJO, April 2019.

“Clay Christensen: Disruption and Innovation Can Solve Global Poverty,” AJO, April 2019.

“Combining Conventional Investing with a Lifetime Income Guarantee: A Blueprint for Retirement Security,” with Thomas L. Totten, Journal of Retirement, Spring 2019. Gated. A draft version is available here.

“How Paul Volcker Saved Our Country,” Advisor Perspectives, February 4, 2019.

“How Paul Volcker Saved Our Country,” AJO, February 2019.

“Tributes to Jack Bogle (1929-2019),” with Ted Aronson and Robert Huebscher, Advisor Perspectives, January 30, 2019.

“Preparing a Multi-Asset Class Portfolio for Shocks to Economic Growth,” with Eugene Podkaminer and Wylie Tollette, Journal of Portfolio Management Special Issue, December 21, 2018.

“Tyler Cowen: Economic Growth and the Debt We Owe to Our Distant Future,” AJO, December 19, 2018.

“Tyler Cowen: Economic Growth and the Debt We Owe to Our Distant Future,” Advisor Perspectives, December 17, 2018.

“Combining Conventional Investing with a Lifetime Income Guarantee: A Blueprint for Retirement Security,” with Thomas L. Totten, AJO, December 2018.

“Building Portfolios for Households with Multiple Investment Goals,” with Andrew Rudd, AJO and Advisor Software, Inc., December 2018.

“Introduction to The Prosperity Puzzle: Restoring Economic Dynamism,” edited by David E. Adler and Laurence B. Siegel, CFA Institute Research Foundation, September 27, 2018.

“On Pigs, Cobwebs and Howard Marks,” AJO, November 13, 2018.

“On Pig Farming, Cobwebs and Howard Marks,” Advisor Perspectives, November 12, 2018.

“Michael Lewis on the Hidden Benefits of Competent Government,” AJO, October 15, 2018.

“Michael Lewis’ Frightening Account of Government in the Age of Trump,” Advisor Perspectives, October 15, 2018.

“Conference Roundup: Cullen Roche on Why We’re All Active Investors,” AJO, October 2018.

“What Investment Risk Means to You, Illustrated: Strategic Asset Allocation, the Budget Constraint, and the Volatility of Spending During Retirement,” with M. Barton Waring, Journal of Retirement, Fall 2018.

“Conference Roundup: Sam Huntington’s Clash of Civilizations 20 Years Later,” AJO, September 2018.

“Don’t Be Fooled by the Yield Curve,” AJO, August 21, 2018.

“Don’t Be Fooled by the Yield Curve,” Advisor Perspectives, August 20, 2018.

“Byron Wien on Trump, Trade, Deficits and Thucydides,” AJO, July 10, 2018.

“Byron Wien on Trump, Trade, Deficits and Thucydides,” Advisor Perspectives, July 9, 2018.

“Foreword to: Popularity: A Bridge Between Classical and Behavioral Finance,” CFA Institute Research Foundation, August 3, 2018.

“The People versus Themselves: Two Views on Populism,” Advisor Perspectives, June 4, 2018.

“Is Life Improving? Documenting the Remarkable Progress of Humankind,” AJO, May 1, 2018.

“Conference Roundup: Bubbles for Fama,” AJO, May 2018.

“Why Nassim Taleb Thinks Leaders Make Poor Decisions,” Advisor Perspectives, April 2, 2018.

“Conference Roundup: The Annotated Russell Napier,” AJO, April 2018.

“She Caught the CATY, and Left Me a Mule to Ride: Improving on Dividend Yield as an Indicator of Stock Valuations and Expected Returns,” AJO, March 2018.

“What Investment Risk Really Is, Illustrated,” with M. Barton Waring, AJO, January 24, 2018.

“‘Uneasy lies the head that wears a crown’: A Conversation with Jack Bogle,” Advisor Perspectives, January 22, 2018.

“The Unicycling Genius Who Invented Information Theory: A Review of a Mind at Play, by Jimmy Soni and Rob Goodman,” AJO, November 28, 2017.

“The Unicycling Genius Who Invented Information Theory,” Advisor Perspectives, November 27, 2017.

“The Age of Experts: A Review of Marc Levinson’s An Extraordinary Time,” with Stephen C. Sexauer, Business Economics, October 26, 2017.

“The Rules of Growth: Organisms, Cities and Companies,” AJO, October 2017.

“Woody Brock: Global Growth is Mismeasured and Understated,” Advisor Perspectives, September 11, 2017.

“‘They Can Make Everything for Less’: Woody Brock on Why Productivity is Mismeasured and Understated,” AJO, September 2017.

“The Equity Risk Premium: A Contextual Literature Review,” AJO, September 2017.

“Fire Marshal in a Nightclub: Richard Bookstaber Explains Financial Risk Management,” Advisor Perspectives, August 7, 2017.

“Index Fund Silliness: Indexing Doesn’t Distort Anything,” AJO, August 2017.

“What We Can Learn from Andrew Lo’s Adaptive Markets,” Advisor Perspectives, June 26, 2017.

“Value Investing: Robots versus People,” Advisor Perspectives, June 4, 2017.

“The Age of Experts: A Review of Marc Levinson’s An Extraordinary Time,” with Stephen C. Sexauer, AJO, June 2017.

“It Takes a Theory to Beat a Theory, or the Trouble with Tribbles,” AJO, June 2017.

“Tyler Cowen and the Fallacy of American Laziness,” Advisor Perspectives, May 1, 2017.

“Value Investing: Robots versus People,” AJO, May 2017.

“Disruption – Conference Roundup,” AJO, May 2017.

“A Nation of Slugs?,” AJO, April 2017.

“Floods and Deserts: Why the Dream of a Secure Pension for Everyone Is Still Unattained”, with Stephen C. Sexauer, Journal of Retirement, Spring 2017.

“The Only Saving Rate Article You Will Ever Need — Using Just a Handheld Financial Calculator!,” with M. Barton Waring, The Journal of Investing, Spring 2017.

“Five Mysteries Surrounding Low and Negative Interest Rates,” with Stephen C. Sexauer, The Journal of Portfolio Management, Spring 2017.

“To Hell in a Handbasket? No Way, Says Johan Norberg,” AJO, March 21, 2017.

“Middle-Class Wage Stagnation Is a First-World Problem – The World is Getting Richer,” Advisor Perspectives, March 20, 2017.

“Confronting the Big Questions,” The Journal of Investing, March 2017.

“The Bromance that Turned Economics Upside Down,” AJO, February 7, 2017.

“The Bromance that Turned Economics Upside Down,” Advisor Perspectives, February 6, 2017.

“A Prediction for the Future of Active Management,” Advisor Perspectives, January 2, 2017.

“Defined Contribution Retirement Plans Should Look and Feel More Like Defined Benefit Plans,” with Antti Ilmanen, David G. Kabiller, and Rodney N. Sullivan, The Journal of Portfolio Management, Winter 2017.

“How Should History Judge Alan Greenspan?,” AJO, December 6, 2016.

“How Should History Judge Alan Greenspan?,” Advisor Perspectives, December 5, 2016.

“The Only Saving Rate Article You Will Ever Need,” with M. Barton Waring, AJO, November 2016.

“Floods and Deserts: Why the Dream of a Secure Pension for Everyone is Still Unattained,” with Stephen C. Sexauer, AJO, November 2016.

“Is It Science or Is It Baloney?,” AJO, September 2016. Reprinted in Morningstar Magazine, December/January 2017.

“CAPMing the CAPE: Shiller-Siegel Shootout at the Q Group Corral, Part 2,” AJO, August 2016.

“Milton Friedman and Monetarism Through the Looking Glass,” with Paul D. Kaplan, AJO, August 2016.

“Monetarism Through the Looking Glass: Why has monetary expansion failed to promote growth in the real economy?,” with Paul D. Kaplan, Morningstar, Oct/Nov 2016.

“Why Byron Wien is an Optimist,” Advisor Perspectives, June 7, 2016.

“McKinsey Assesses Future Stock and Bond Returns: Are the good times really over for good?,” Advisor Perspectives, May 31, 2016.

“McKinsey Assesses Future Stock and Bond Returns: Are the good times really over for good?,” AJO, May, 2016.

“Busted! Nine Hoary Myths of Investing; Be Not Afraid,” Welling on Wall St., April 15, 2016.

“Debunking Nine Myths of Investing,” AJO, April 2016.

“Let’s All Learn How to Fish,” by Michael S. Falk (foreword by Laurence B. Siegel)
A departure from the CFA Institute Research Foundation’s traditional area of focus, this Research Monograph advocates greater self-reliance, social safety nets that act more like trampolines, and a better, more fiscally responsible society. My Foreword places the book in context and showers it with the usual praise found in forewords. Or – much better idea – read the whole book! CFA Institute Research Foundation, March 2016.

“Five Mysteries Surrounding Low and Negative Interest Rates,” with Stephen C. Sexauer, AJO, Spring 2016.

“A Conversation with Mohamed A. El-Erian,” AJO, February 23, 2016.

“A Conversation with Mohamed A. El-Erian,” Advisor Perspectives, February 22, 2016.

“What Would Minsky Do Now?” Advisor Perspectives, February 1, 2016.

“Robert Gordon, the Special Century, and the Prospects for Economic Growth,” Advisor Perspectives, December 22, 2015.

“Robert Gordon, the Special Century, and the Prospects for Economic Growth,” AJO, December 22, 2015.

“The Hidden Cost of Zero Interest Rate Policies,” with Thomas S. Coleman, Advisor Perspectives, September 28, 2015.

“Phooey on Financial Repression,” with Thomas S. Coleman, AJO, September, 2015.

“There Was Nothing I Could Do – All The Correlations Had Suddenly Gone To One!,” with M. Barton Waring, AJO, September 2015.

“The Pension Crisis: Six Lessons Learned and a Way Forward,” with Stephen C. Sexauer, The Retirement Management Journal, Fall 2015.

“How Emerging is Your Emerging Markets Manager? Arguing for a Bigger Allocation to Small Caps,” with Michael Reynal, AJO, July, 2015.

“Pension Promises, Promises,” Welling On Wall St., June 26, 2015.

“The Inventor of Behavioral Finance Looks Back,” Advisor Perspectives, June 23, 2015.

“The Inventor of Behavioral Finance Looks Back,” AJO, June 23, 2015.

“Can We Recover from the Public Debt Crisis? Of Course We Can,” Advisor Perspectives, June 9, 2015.

“Can We Recover From the Public Debt Crisis? Of Course We Can,” AJO, June 9, 2015.

“The Final Say on Spending Rules,” Advisor Perspectives, March 31, 2015.

“The Final Say on Spending Rules,” AJO, March 31, 2015.

“After 70 Years of Fruitful Research, Why Is There Still a Retirement Crisis?,” Financial Analysts Journal, January/February 2015.

“The Only Spending Rule Article You Will Ever Need,” with M. Barton Waring, Financial Analysts Journal, January/February 2015.

2010 – 2014

“Alternative Investments in DC Retirement Plans: Opportunities and Concerns”, Sexauer, Stephen C., and Laurence B. Siegel, forthcoming, Journal of Retirement, 2014.

“The Tooth-Fairy Economics of Jeff Madrick,” Advisor Perspectives, December 2, 2014.

“Read Your Sharpe and Markowitz,” CFA Institute Magazine, September-October 2014.

“Growth: Slow In The Short Run, But…,” Welling on Wall St., September 26, 2014.

“Without fear of commitment: The role of high-conviction active management,” with Matthew H. Scanlan. Journal of Investing, Fall 2014.

“The only spending rule article you’ll ever need,” with M. Barton Waring. Submitted to the Financial Analysts Journal, 2014.

“Read Your Sharpe and Markowitz,” July 2014.

“One Future, Two Views of Growth,” July 15, 2014.

“The Investor’s Dilemma in Year Seven of Financial Repression”, May 2014.

“Tempest in a teapot: Michael Lewis’ Flash Boys solves a problem that is barely there,” April 29, 2014.

“How to Confront the End of the Bond Bull Market,” (Review of Simon Lack’s Bonds are Not Forever), AJO, March 25, 2014.

“How to Confront the End of the Bond Bull Market,” (Review of Simon Lack’s Bonds are Not Forever), Advisor Perspectives, March 25, 2014.

“CAPE crusaders: The Shiller-Siegel shootout at the Q Group corral,” February 18, 2014.

“Morningstar Conversation With Laurence Siegel & Michael Falk”, by Paul D. Kaplan, AJO, January 22, 2014.

“On The Bright Side: An Interview With Stephen C. Sexauer”, January 2014.

“Alternative investments in DC retirement plans: Opportunities and concerns,” with Stephen C. Sexauer. Submitted to the Journal of Retirement, 2014.

“A Framework for Understanding Bond Portfolio Performance,” Advisor Perspectives, December 10, 2013.

“A Framework for Understanding Bond Portfolio Performance,” AJO, December 10, 2013.

“Sometimes There Really is a Wolf: Inflation and Bond Market History and Prospects,” Ounavarra Review, November 2013.

“Forecasting Bond Returns and Evaluating Bond Funds,” Advisor Perspectives, October 8, 2013.

“Sometimes There Really Is A Wolf: Inflation And Bond Market History And Prospects”, Ounavarra Review, October 2013.

“Sometimes There Really is a Wolf: Inflation and Bond Market History and Prospects,” AJO, September, 2013.

“Nassim Nicholas Taleb: To Prevail in an Uncertain World, Get Convex,” AJO, July, 2013.

“Nassim Nicholas Taleb: To prevail in an uncertain world, get convex,” Advisor Perspectives, July 16, 2013.

“A visitor from Mars” (interview with David DeRosa), Ounavarra Review, June 2013.

“Using an Economic Balance Sheet for Financial Planning,” Andrew Rudd, The Journal of Wealth Management, May, 2013.

“Stockman To America: Sinners, Repent!,” AJO, April, 2013.

“Stockman to America: Sinners, Repent!” Advisor Perspectives, April 30, 2013.

“Ounavarra Review Q2 2013 – Inflation”, 2013.

“Tough times for classic value investors,” Advisor Perspectives, February 19, 2013.

“The Milton Friedman Centenary: One Hundred Years of Suprisingly Little Solitude,” AJO, February 15, 2013.

“The Milton Friedman centenary: One hundred years of surprisingly little solitude,” Advisor Perspectives, February 12, 2013.

“The ‘New Finance’: Illiquidity, The Liquidity Premium, And Liquidity-Preserving Strategies”, Ounavarra Review, February 2013.

“A Pension Promise to Oneself,” with Stephen C. Sexauer, AJO, 2013.

“A Pension Promise to Oneself,” with Stephen C. Sexauer, Financial Analysts Journal, 2013.

“Fewer, Richer, Greener: The End of the Population Explosion and the Future for Investors,” Financial Analysts Journal, November/December 2012.

“Managing Tail Risk,” with Stephen C. Sexauer, Retirement Income Journal, Volume 2, Number 3 (Fall 2012).

“The Prospects for Long-Term Growth: A Critique of Grantham and Gordon,” AJO, November 27, 2012.

“A critique of Grantham and Gordon,” Advisor Perspectives, November 27, 2012.

“Be Kind to Your Retirement Plan – Give It a Benchmark,” with Daniel P. Cassidy, Michael W. Peskin, and Stephen C. Sexauer. Journal of Retirement, June 2012. A shorter version appeared under the title “Be kind to your retirement decumulation plan – give it a benchmark” in Risks and Rewards, Society of Actuaries, August 2012.

“Robert Shiller on the social benefits of finance,” Advisor Perspectives, August 7, 2012.

“Benchmarking your retirement portfolio with a risk-free strategy,” Advisor Perspectives, July 10, 2012.

“Daniel Kahneman on the two ways of thinking, fast and slow,” Advisor Perspectives, June 5, 2012.

“Managing Tail Risk,” with Stephen C. Sexauer. Retirement Income Journal, Fall 2012 (volume 2, number 3). Previously published in the Allianz Global Investors White Paper Series, June 2012.

Comment on “Investing for your own and the greater good,” by Paul Woolley. Alliance Magazine, June 2012.

“Fewer, richer, greener: Why Jeremy Grantham is (partly) wrong,” Advisor Perspectives, April 4, 2012.

“Jeremy Siegel, Rob Arnott and other experts forecast equity returns,” Advisor Perspectives, February 7, 2012.

“Michael Lewis on the true depth of the crisis in Europe,” Advisor Perspectives, January 24, 2012.

Foreword to Frontiers of Modern Asset Allocation by Paul D. Kaplan. John Wiley & Sons, Hoboken, NJ, 2012.

“The Illusion of Precision,” with Stephen C. Sexauer and Paul Pietranico, Retirement Management Journal, Fall 2011 (volume 1, number 2).

“A critical look at Obama’s economic team,” Advisor Perspectives, October 11, 2011.

“Value investing lessons from Moneyball,” Advisor Perspectives, October 4, 2011.

“Byron Wien reflects on his list of surprises,” Advisor Perspectives, September 6, 2011.

“Matt Ridley Makes a Case for Optimism,” Advisor Perspectives, August 16, 2011.

“A supply model of the equity premium,” with Richard C. Grinold and Kenneth F. Kroner. In Hammond, P. Brett, Martin L. Leibowitz, and Laurence B. Siegel, editors, Rethinking the Equity Risk Premium,CFA Institute Research Foundation, Charlottesville, VA, 2011.

“Risk parity: Classical finance properly implemented, or misunderstood?” Letter to the Editor, Financial Analysts Journal, September/October 2010, pp. 15-16.

“First, let’s kill all the liabilities.” Invited editorial comment, Journal of Portfolio Management, Fall 2010.

“Black swan or black turkey? The state of economic knowledge and the crash of 2007-2009,” Financial Analysts Journal, July/August 2010.

2005 – 2009

“A riskless society is ‘unattainable and infinitely expensive’,” in Laurence B. Siegel, editor, Insights into the Global Financial Crisis, CFA Institute Research Foundation, 2009.

“Commodity investing and the commodity risk premium.” Draft. 2009.

“A tribute to Peter L. Bernstein,” with 20 collaborators, Special Commemorative Section, Journal of Portfolio Management, Summer 2009, p. 19.

“Five principles to hold onto (even when your boss says the opposite),” with Matthew H. Scanlan and M. Barton Waring, Journal of Portfolio Management, Winter 2009. Summarized in The CFA Digest, August 2009.

“Alternatives and liquidity: Will spending and capital calls eat your ‘modern’ portfolio?” Journal of Portfolio Management, Fall 2008. (Winner of the first annual EDHEC-Robeco Journal of Portfolio Management prize; winner of a 2008 Bernstein Fabozzi/Jacobs Levy outstanding paper award.) Summarized in The CFA Digest, May 2009.

Moderator of “The fundamental debate,” by Robert Arnott and Paul Kaplan, Journal of Indexes, January 2009.

“Wake up and smell the coffee: DC plans aren’t working – Here’s how to fix them,” with M. Barton Waring and Timothy Kohn. Journal of Investing, Winter 2007. An earlier version was published in Investment Insights, Barclays Global Investors, San Francisco, June 2006 (volume 9, issue 3). A shorter version, co-authored with Barton Waring and Bill Chinery, is in Defined Contribution Monitor (Toronto, Canada), February 2008 (Vol. 4, no. 1). Summarized in The CFA Digest, May 2008.

“Are exotic betas worth investing in? A brief note.” All About Alpha (online), October 24, 2007.

“Don’t kill the golden goose! Saving pension plans,” with M. Barton Waring, Financial Analysts Journal, January/February 2007. (A slightly longer version is in Investment Insights, Barclays Global Investors, San Francisco, January 2007; a shorter version is in Financial Week, January 15, 2007, p. 9.)

“Don’t kill the golden goose! Saving pension plans,” with M. Barton Waring. Investment Insights, Barclays Global Investors, January 2007.

“Managing institutional investor portfolios,” with R. Charles Tschampion, Dean Takahashi, and John L. Maginn. In Maginn, John L., Donald L. Tuttle, Jerald E. Pinto, and Dennis W. McLeavey, eds.,Managing Investment Portfolios: A Dynamic Process, 3rd edition. John Wiley & Sons, Hoboken, N.J., 2007.

“Perspectives on international small-cap stocks,” with Fred Jheon, Barclays Global Investors, 2007.

“Who you gonna call? Mythbusters,” Economics and Portfolio Strategy, Peter L. Bernstein, Inc., New York, June 16, 2006.

“Five myths about fees,” with Ronald N. Kahn and Matthew H. Scanlan, Investment Insights, Barclays Global Investors, May 2006.

“Five myths about fees,” with Ronald N. Kahn and Matthew H. Scanlan, Journal of Portfolio Management, Spring 2006. Also published in Investment Insights, Barclays Global Investors, San Francisco, May 2006 (volume 9, issue 2). (Winner of the 2006 Bernstein Fabozzi/Jacobs Levy best paper award; republished in The Bernstein Fabozzi/Jacobs Levy Awards, Volume 2, New York: Institutional Investor, 2010.) Summarized in The CFA Digest, November 2006.

Forewords to (almost) all CFA Institute Research Foundation Monographs, 2006-present.

“The Myth of the Absolute-Return Investor,” with M. Barton Waring, Financial Analysts Journal, March/April 2006 (winner of the Graham and Dodd Award for Best Perspectives Piece in 2006). An earlier version was published in Investment Insights, Barclays Global Investors, March 2005.

“Debunking some myths of active management,” with M. Barton Waring, Journal of Investing, Summer 2005. Summarized in The CFA Digest, November 2005.

“The myth of the absolute return investor,” with M. Barton Waring, Investment Insights, Barclays Global Investors, March 2005.

“A herd of cats,” in Barclay L. Douglas, editor, Investing for Institutions: Thoughts on the Bottom Line. Forthcoming, John Wiley & Sons, Hoboken, N.J.

2000 – 2004

“A new framework for international investing,” with Andrew R. Olma, Investment Insights, Barclays Global Investors, San Francisco, May 2004.

“A new framework for international investing,” with Andrew R. Olma, Journal of Portfolio Management, 2004 (30^th anniversary issue, volume 30, number 5). An earlier version was published in Investment Insights, Barclays Global Investors, San Francisco, May 2004.

“TIPS, the dual duration, and the pension plan,” with M. Barton Waring, Financial Analysts Journal, September/October 2004. (Winner of the 2004 Graham and Dodd Scroll Award.) An earlier version under the sole authorship of Laurence B. Siegel was presented at the Barclays Capital Global Inflation-Linked Bond Conference, Key Biscayne, Fla., January 2003.

“The equity risk premium: An annotated bibliography.” Barclays Global Investors, January 2002.

“Mind the gap! Why DC plans underperform DB plans, and how to fix them,” with M. Barton Waring and Timothy Kohn, Investment Insights, Barclays Global Investors, San Francisco, January 2004. (An earlier version, with M. Barton Waring and Lee D. Harbert, was published in Investment Insights, Barclays Global Investors, San Francisco, April 2000.)

“The dimensions of active management,” with M. Barton Waring, The Journal of Portfolio Management, Spring 2003. (Related conference proceedings include “Distinguishing true alpha from beta,” Challenges and Innovations in Hedge Fund Management conference proceedings, CFA Institute, Charlottesville, Va., 2004; “Distinguishing true alpha from beta,” Points of Inflection conference proceedings, CFA Institute, Charlottesville, Va., 2004, reprinted as Chapter 25 of Lawton, Philip, and Todd Jankowski, eds., Investment Performance Measurement: Evaluating and Presenting Results, CFA Institute Investment Perspectives, John Wiley & Sons, Hoboken, NJ, 2008.)

“Understanding active management,” with M. Barton Waring, Investment Insights, Barclays Global Investors, San Francisco, April 2003. (This is a collection that consists of “The dimensions of active management” and “Debunking some myths of active management”.)

“Credit Market Volatility and Change,” with Stephen M. Johnson, The Journal of Investing, Spring 2003.

“Broad-capitalization indices of the U.S. equity market,” with Francis Enderle and Brad Pope, The Journal of Investing, Spring 2003. (Summarized in the CFA Digest, August 2003. A longer version of the article is in Investment Insights, Barclays Global Investors, San Francisco, May 2002; an excerpt appears in in Schoenfeld, Steven, ed., Active Index Investing, John Wiley & Sons, New York, 2003.)

“The dimensions of active management,” with M. Barton Waring, Investment Insights, Barclays Global Investors, December 2002.

“Value investing after the growth bust and value boom,” Journal of Investment Consulting, June-July 2002.

“The changing U.S. bond market: Implications for portfolio management and benchmark choice,” with Stephen M. Johnson, INVESCO Research Summary, Atlanta, second quarter 2001.

“It’s 11 p.m. – do you know where your employees’ assets are?” with M. Barton Waring and Lee D. Harbert, Investment Insights, Barclays Global Investors, October 2001.

“Analyzing the greatest return stories ever told,” with Scott W. Clifford and Kenneth F. Kroner, Investment Insights, Barclays Global Investors, San Francisco, July 2001.

“The greatest return stories ever told,” with Kenneth F. Kroner and Scott W. Clifford, The Journal of Investing, Summer 2001.

Investment Management for Endowed Institutions, with Clinton L. Stevenson, 1999; second edition, 2001. Translated into Chinese by the China Association of Science Foundations.

“Making sense of the markets’ madness,” Journal of Investment Consulting, December 2000.

“Mind the gap! Why DC plans underperform DB plans, and how to fix them,” with M. Barton Waring and Timothy Kohn, Investment Insights, Barclays Global Investors, San Francisco, April 2000.

“The future of value investing,” with John G. Alexander, The Journal of Investing, Winter 2000. (Reprinted in Risk and Insurance, vol. 12, issue 2 [February 2001], p. 38 ff. A shorter version was published as an INVESCO Research Summary, Atlanta, first quarter 2000.)

1995 – 1999

“Compensating fund managers for risk-adjusted performance,” with Thomas S. Coleman, Journal of Alternative Investments, Winter 1999. (A condensed version appeared in the AIMA Newsletter, March/April 2000.)

“Dow 36,000 and all that,” Investment Policy, September/October 1999.

“Jeremy Siegel talks with Larry Siegel,” Investment Policy, September/October 1999.

“The case for international investing,” with Patricia C. Dunn and Andrew R. Olma, Investment Insights, Barclays Global Investors, San Francisco, May 1999.

“Investment of planned gifts in the era of the prudent investor rule,” with Eric I. Swerdlin, Journal of Gift Planning, January 1999.

“Market neutral investing: Industry background and prospects,” with Elizabeth R. Hilpman, Baring Asset Management, Boston, 1998. Available from the authors at lbsiegel@uchicago.edu orliz@barlowpartners.com.

“Is small-cap investing worth it? Two decades of research on small-cap stocks,” with Eric Clothier and Barton Waring, Investment Insights, Barclays Global Investors, San Francisco, December 1998.

“Are Stocks Risky? Crashlet of 1998 Edition,” Barclays Global Investors, September 1998.

“Waking up to the risk of equity investing,” with Lawrence G. Tint, Investment Insights, Barclays Global Investors, San Francisco, September 1998.

“Inflation hedging in a low-inflation world: The plan sponsor’s rationale,” in John B. Brynjolfsson and Frank J. Fabozzi, eds., Handbook of Inflation-Indexed Bonds, Frank J. Fabozzi Associates, New Hope, Pa., 1998.

“Jeremy Grantham talks with Larry Siegel,” Investment Policy, May/June 1998.

“Ford: Living with lower returns,” Plan Sponsor, April 1998.

Review of The New Money Masters by John Train, Investment Policy, March-April 1998.

Review of The New Venturers: Inside the High-Stakes World of Venture Capital by John W. Wilson, Investment Policy, September-October 1997.

Review of Inflation by Michael Jefferson, Thomas Mann, Andrew Dickson White, and Walt Rostow, Investment Policy, July-August 1997.

“Good and bad monetary economics, and why investors need to know the difference,” with Paul D. Kaplan, 1997. (Also published under the sole authorship of Paul D. Kaplan in Investment Policy, July-August 1997.)

“Inflation and investing: An overview,” Investment Policy, July-August 1997.

“Are stocks risky? Two lessons,” Journal of Portfolio Management, Spring 1997.

“The $40 trillion market: Global stock and bond capitalizations and returns,” in Peter Carman, ed., Quantitative Investing for the Global Markets, Glenlake Publishing Co., Chicago, 1997.

“Iced grande latte, no fat, no foam,” Lookout Mountain Hedge Fund Review, third quarter, 1996.

“Using a growth strategy for charitable remainder trust portfolios,” with Eric I. Swerdlin, The Journal of Taxation, March 1996. (Reprinted in Charitable Giving and Solicitation, May 21, 1996.)

“Derivatives strategies for endowment and foundation portfolios: The fund perspective,” in Managing Endowment and Foundation Funds, ICFA Continuing Education Series, Association for Investment Management and Research, Charlottesville, Va., 1996.

“Stocks, bonds, and bills after taxes and inflation,” with David Montgomery, Journal of Portfolio Management, Winter 1995.

“Computing discount rates for valuing bank assets,” with David G. Clarke and Michael J. Mattson, Bank Accounting & Finance, Spring 1995.

1990 – 1994

“Portfolio Theory is Alive and Well,” with Paul D. Kaplan, The Journal of Investing, Fall 1994.

“Portfolio Theory is Still Alive and Well,” with Paul D. Kaplan, The Journal of Investing, Fall 1994.

“Tasa de descuento: Aplicación de técnicas avanzadas de valuación financiera a mercados nacientes,” with David G. Clarke, et al.; translated into Spanish by Jorge A. Suárez, and distributed by Sociedad de Ingenieros Civiles Valuadores, A.C., Mexico City, January 1994. Also published as “Discount rates: Applying advanced financial valuation techniques to emerging markets,” Business Valuation Review, June 1994.

“Taming your optimizer,” with Scott L. Lummer and Mark W. Riepe, in Global Asset Allocation: Techniques for Optimizing Portfolio Management, Jess Lederman and Robert Klein, eds., John Wiley & Sons, New York, 1994. Translated into Japanese and published by the Security Analysts Association of Japan.

“Portfolio insurance and tactical asset allocation: A new look,” Gestion Collective Internationale (published by FICOM, Paris), July-August 1993.

“GSCI collateralized futures: A hedging and diversification tool for institutional portfolios,” with Scott L. Lummer, The Journal of Investing, Summer 1993.

“The global stock market explosion,” with Mark W. Riepe, Financial Markets Institute, University of Iowa, 1992.

“Risk and return: Implications for the asset mix,” with Roger G. Ibbotson and Mark W. Riepe, in Active Asset Allocation, Robert D. Arnott and Frank J. Fabozzi, eds., Probus Publishing Co., Chicago, 1992. (An earlier version appeared in the 1988 edition of the book.)

“The world bond market: Market values, yields, and returns,” with Roger G. Ibbotson, Journal of Fixed Income, June 1991. (Abridged version in The CFA Digest, Fall 1991.)

“Equity scorecard,” Investing, various issues (most recently Summer 1990).

“Stocks, bonds, bills, and inflation around the world,” with Paul D. Kaplan, in Managing Institutional Assets, Frank J. Fabozzi, ed., Harper & Row, 1990.

“World equities: The past and the future,” with Roger G. Ibbotson and Paul D. Kaplan, in Global Portfolios: Quantitative Strategies for Maximum Performance, Robert Z. Aliber and Brian R. Bruce, eds., Dow Jones-Irwin, 1990.

“Introduction to international equities,” with Roger G. Ibbotson and Marvin B. Waring, and “Introduction to international bonds,” with Robert A. Brown, in Quantitative International Investing, Brian R. Bruce, ed., Probus Publishing Co., Chicago, 1990.

1985 – 1989

“How to forecast long-run asset returns,” with Roger G. Ibbotson, in Japanese, Investment Management Review, January/February 1989. (Reprinted in English in Ibbotson, Roger G., and William N. Goetzmann, The Equity Risk Premium, Oxford University Press, 2006; an earlier version in English was published under the sole authorship of Roger G. Ibbotson, Investment Management Review, 1988.)

“Historical returns on investment instruments,” with Roger G. Ibbotson and Scott L. Lummer, Handbook of Modern Finance, Dennis Logue, ed., New York: Warren, Gorham & Lamont, 1993, 1990; and inEncyclopedia of Investments, Jack Friedman, ed., New York: Warren, Gorham & Lamont, 1989, 1988, 1985, 1984.)

Guest author, Economics and Portfolio Strategy, Peter L. Bernstein, Inc., New York, November 1, 1989.

“The state of the art in estimating cost of capital,” Chief Financial Officer USA (1988 edition), John Thackray, ed., London: Sterling Publications Ltd., 1988.

“Suppose the market goes nowhere,” Investment Management Review, May/June, 1988.

“International equity returns,” with Roger G. Ibbotson, in Carl R. Beidleman, Handbook for International Investors, Chicago: Probus Publishing Co., 1987.

“The income method of valuation: Perspectives on the discount rate,” Proceedings of the National Tax Association Annual Conference, 1986.

“World Wealth: Market Values and Returns,” with Roger G. Ibbotson and Kathryn S. Love, Journal of Portfolio Management, Fall 1985. (Reprinted and updated in Ibbotson, Roger G., and William N. Goetzmann, The Equity Risk Premium, Oxford University Press, 2006; translated into Japanese by Chicago-Tokyo Bank; condensed version in The CFA Digest, Spring 1986.)

“Investment returns on stocks, bonds, and bills,” with Roger G. Ibbotson, in The Dow Jones-Irwin Business and Investment Almanac, Sumner N. Levine, ed., 1986; updated annually for a number of years.

“Return to equity and return to debt in the ad valorem tax valuation setting,” with Roger G. Ibbotson, Proceedings of the 1985 Public Utilities Workshop, Wichita State University, 1985.

1980 – 1984

“Real estate returns: A comparison with other investments,” with Roger G. Ibbotson, American Real Estate and Urban Economics Association Journal, Fall 1984.

“Real estate returns, inflation, and taxes,” with Roger G. Ibbotson, University of Illinois occasional paper, 1984. (Condensed version in Illinois Business Review, April 1984.)

“The Supply of Capital Market Returns,” with Jeffrey J. Diermeier and Roger G. Ibbotson, Financial Analysts Journal, March/April 1984. (Reprinted in Ibbotson, Roger G., and William N. Goetzmann, The Equity Risk Premium, Oxford University Press, 2006.)

“The Demand for Capital Market Returns: A New Equilibrium Theory,” with Roger G. Ibbotson and Jeffrey J. Diermeier, Financial Analysts Journal, January/February 1984. (Reprinted in Ibbotson, Roger G., and William N. Goetzmann, The Equity Risk Premium, Oxford University Press, 2006; winner of a 1984 Graham and Dodd Scroll.)

“Risk, taxes, and marketability in a macro-consistent capital market equilibrium,” with Jeffrey J. Diermeier, Proceedings of the Seminar on the Analysis of Security Prices, Center for Research in Security Prices, Graduate School of Business, University of Chicago, May 1983.

“The World Market Wealth Portfolio,” with Roger G. Ibbotson, Journal of Portfolio Management, Winter 1983. (Reprinted in International Investing, Peter L. Bernstein, ed., New York: Institutional Investor, Inc., 1983; reprinted in The CFA Study Guide, Charlottesville, Va.: Institute of Chartered Financial Analysts; condensed version in The CFA Digest, Summer 1983.)

Foreword to Roger G. Ibbotson and Rex A. Sinquefield, Stocks, Bonds, Bills, and Inflation: The Past and The Future, Charlottesville, Va.: Financial Analysts Research Foundation, 1982.