As if Detroit did not have enough problems, a gap of several billion dollars has appeared in its pension fund (see the New York Times here). Actually, US public funds have long been notorious for using unrealistic return assumptions in their actuarial calculations where it is not unusual to see expected long term returns of […]
Rolf Banz spent his career in the investment industry in the US, the UK and, most recently, in Switzerland. To older people, he is known as the "father of the small firm effect". This weblog consists of a series of essays and shorter pieces on a range of issues at the intersection of institutional investment and investment theory. Please see this post for a description of the objectives of the weblog and the About page for further information on the author and the site.