The relationship between number of stocks held in a portfolio and diversification has been
clarified. 15-stock portfolios, on average, achieve only 75-80% of available diversification, not …

The importance of investment policy can be, and has been, measured in a variety of ways.
The most widely quoted study measures policy's role in explaining the variance of returns; it …

… he editors, Ken Phillips and Ron Surz, would like to acknowledge our contributor: The
Managed Funds Associates; Thomas Schneeweis; Richard Spurgin; Thomas Zucosky; Brian A. …

The Department of Labor’s (DOL’s) new rules for Qualified Default Investment Options (QDIAs)
advance three investment options: Target Date Funds, Balanced Funds and Managed …

In the July/August issue of this journal, Fischer Black argued that pension sponsors could take
advantage of the special tax status of the pension plan to increase the value of their shares…

The article discusses stock diversification, and its effectiveness as an investment strategy
when stock prices fall. The author examines stock market performance in 2006, and during the …

This article shows how the relatively new concept of Perfect Withdrawal Rate can be used in
assessing the appropriate sustainable withdrawal amounts from a pot of wealth. This …

… Surz started his career at AG Becker in 1971. He wrote much of the software that is still in use
today … Surz earned his MBA in finance from the University of Chicago and an MS in applied …

The article discusses problems with peer group evaluations in value investing. Value stocks
have outperformed growth stocks but value managers are trailing value benchmarks. …

… Surz' analysis is his inadequate consideration of the role the time of receipt of the tax shield
plays in the determination of its value. Surz … , never received, Surz concludes that immediate …