The Future of Life-Cycle Saving and Investing: The Retirement Phase
Larry Siegel

Finance does not provide a tool kit to address many of the problems associated with retirement and life-cycle issues. A recent Research Foundation monograph begins to develop a theory to address these thorny issues.

Are Bonds Going to Outperform Stocks over the Long Run? Not Likely.
Roger Ibbotson and Peng Chen, CFA

Stocks have not outperformed bonds by a large margin over the past 40 years. This relative performance is due to interest rate declines that are unlikely to repeat. Investors who hope bonds will outperform stocks in the coming years will likely be disappointed.

Time for a New Narrative
Amin Rajan and Nick Lyster

Once the worst of the current turmoil is over, the old normal will not be the new normal. According to a global survey, high-net-worth individuals (HNWIs) will seek quality, simplicity, and safety.

Roles and the Shaping of Family Wealth Management Goals
Lisa Gray

The past 18 months have challenged traditional thinking about investing and asset allocation, diversification, and correlation. As a result, investors have changed their risk tolerances, market expectations, and investment processes.

Valuing Unrealized Gains in Mutual Funds
Gordon Mackenzie

How to incorporate the tax impact of unrealized capital gains into tax-adjusted portfolio performance is a subject of debate. Despite its shortcomings, portfolio turnover might be the preferred measure of tax efficiency.

Hong Kong’s Exchange of Information Proposal
Steven Sieker and Pierre Chan

The increase in trade and investment across borders has created an impetus for Hong Kong to develop double taxation agreements. A new proposal would expand Hong Kong’s power to obtain information pursuant to information requests from other tax authorities under those treaties.