The Long View
The Long View
May 6, 2020
Moshe Milevsky: How to Lower Retirement Risk at a Turbulent Time
51 min

Our guest on the podcast today is renowned retirement researcher Moshe Milevsky, who has conducted research on a broad range of topics, including pensions, annuities, investment strategies for people approaching retirement, and asset allocation over the human lifecycle. A prolific writer and researcher, Milevsky is also the author of several books, including Are You a Stock or a Bond?, The 7 Most Important Equations for Your Retirement, and The Calculus of Retirement Income. His recent books include King William's Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past and The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672. He's served as a professor of finance at the Schulich School of Business at York University for the past 25 years. He received his bachelor's degree in physics at Yeshiva University, his master's degree in mathematics and statistics at York University, and his doctorate in finance at York University's Schulich School of Business.

Background

Moshe Milevsky's home page 

Milevsky's Twitter account @retirementquant

Milevsky's CV

Moshe Milevsky Books 

Are You a Stock or a Bond? 

The 7 Most Important Equations for Your Retirement 

The Calculus of Retirement Income

King William's Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past

The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672

Human Capital

Roger Ibbotson bio 

"The U.S. Labor Market During and After the Great Recession: Continuities and Transformations," by Arne Kalleberg. The Russell Sage Foundation Journal of the Social Sciences, Vol. 3, No. 3, April 2017. 

"No Portfolio is an Island," by David Blanchett and Phillip Straehl, Financial Analysts Journal, Vol. 71, issue 3, May/June 2015. 

Longevity Risk

"Forget Your Real Age: Plan Your Retirement Around Your 'Biological Age'," by Lewis Braham, Barron's, Jan. 27, 2019.

"Retirement Spending and Biological Age," by Huaxiong Huang, Moshe Milevsky, and T.S. Salisbury. Journal of Economic Dynamics & Control, September 2017.

"The Utility Value of Longevity Risk Pooling: Analytic Insights," by Huaxiong Huang and Moshe Milevsky, North American Actuarial Journal, Feb. 8, 2019.

The SECURE Act

Annuities and Tontines

"Valuation and Hedging of the Ruin-Contingent Life Annuity (Rcla)," by Huaxiong Huang, Moshe Milevsky, and T.S. Salisbury, Journal of Risk and Insurance, Vol. 81, No. 2, May 2014. 

"Pros and Cons of 2 Key Annuity Types," by Christine Benz and David Blanchett, Morningstar.com, Oct. 18, 2014.

"Could a Tontine Be Superior to Today's Lifetime Annuity Income Products?" by Michael Kitces, Nerd's Eye View, Feb. 3, 2016.

"Estimating the True Cost of Retirement," by David Blanchett, Morningstar Investment Management, Nov. 5, 2013.

Retirement System and Planning

Olivia Mitchell CV

Bogleheads On Investing Podcast
Bogleheads On Investing Podcast
bogleheads
Episode 027: Cliff Asness, host Rick Ferri
Dr. Cliff Asness is a Founder, Managing Principal, and Chief Investment Officer at AQR Capital Management, a quantitative money manager overseeing $186 billion in assets as of December 2019. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. He is an award-winning researcher on quantitative investment strategies and has authored articles for many publications, including The Journal of Portfolio Management, Financial Analysts Journal, The Journal of Finance, and The Journal of Financial Economics. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years. This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization's free website is Bogleheads.org and the wiki site is Bogleheads® wiki. Bogleheads sites are operated by volunteers who contribute time and talent. Donations help defray operating costs. Since 2000, the Bogleheads' have held national conferences in major cities around the country and currently meet in Philadelphia in the autumn of each year. There are 56 Local Chapters in the US and three Foreign Chapters that also meet regularly. New Chapters are being added on a regular basis. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012.
59 min
WEALTHTRACK
WEALTHTRACK
Consuelo Mack
Successful Investing: Timeless Advice
Can investing be simple? Can we stop worrying about what’s happening on Wall Street, in Washington, with Fed policy, inflation, corporate earnings, and numerous other headline-making concerns? Can we just get on with our lives and still invest successfully?  According to this week’s guest, the answer is yes, and we shouldn’t even care what the market is doing.   What should we care about? How should we invest? That is the focus of this week’s exclusive WEALTHTRACK interview.   Our guest is Charles Ellis, the author of the investment classic WINNING THE LOSER’S GAME, available now in its 2017 7th edition. Ellis is the author of 16 other books including the recently published 10th-anniversary edition of THE ELEMENTS OF INVESTING, co-written with his good friend, Princeton economics professor Burton Malkiel.    Ellis is a globally recognized financial thought leader, investment consultant, and advisor to governments, institutions, and endowments. He also cares deeply about helping investors succeed, as he puts it “winning the loser’s game.” He will help us do that this week.  WEALTHTRACK #1721 broadcast on November 20, 2020 More info: https://wealthtrack.com/timeless-strategies-for-successful-investing-from-legendary-investment-consultant-charles-ellis/ WINNING THE LOSER’S GAME (2017 edition): https://amzn.to/379ODOP THE ELEMENTS OF INVESTING: https://amzn.to/2UL96Dz --- Support this podcast: https://anchor.fm/wealthtrack/support
26 min
Alpha Trader
Alpha Trader
Seeking Alpha
Bitcoin wins institutional acceptance, supplants gold - Dan Held joins Alpha Trader
This week's Alpha Trader podcast features hosts Aaron Task and Stephen Alpher talking Bitcoin (BTC-USD) with Dan Held, an old hand in cryptocurrency, who is currently growth head at crypto exchange, Krakenfx. Held has been in Bitcoin since it was $10, so what does he think about this year's run that has taken its value north of $18K, and how does it differ from the crypto's other major bull markets? Institutional acceptance of Bitcoin is the key, says Held, noting not just hedge fund legends like Paul Tudor Jones and Stanley Druckenmiller as new hodlers (particularly Jones), but Rick Riedler, the CIO of fixed income for the world's largest asset manager, BlackRock. One hedge funder not yet convinced is Ray Dalio, who is of an open mind on Bitcoin, but wonders if governments could just ban it at some point. "You can't kill an idea," says Held, who addressed that very issue in a tweetstorm late last week. The very nature of Bitcoin and de-centralization, he says, makes it highly difficult for governments to outlaw it, even if they wanted to. Held suspects that if Dalio takes the time to further study Bitcoin, he'll become as big of a fan as some of his institutional brethren. Held also addresses Bitcoin as "Gold 2.0," i.e. similar but way better than gold (XAUUSD:CUR) in terms of being a hedge against money printing and an overreaching government. He reminds that Bitcoin's supply can never exceed 21M - increasing prices may result in increased attention, but it doesn't result in boosted supplies. The exact opposite is the case with gold - higher prices almost assuredly bring about higher supplies. Also, Bitcoin by its nature can be explicitly verified with very little effort. Gold? Do you fancy carrying a spectrometer around? Never mind the ease with which Bitcoin can be held in our own personal custody and transported. There's plenty more, including a discussion of Ethereum (ETH-USD), the "religion" of Bitcoin and why it's a good thing, and Held's thoughts on Bitcoin creator Satoshi Nakamoto. Listen to or subscribe to Alpha Trader on these podcast platforms: Apple Podcasts Spotify Google Play Stitcher Learn more about your ad choices. Visit megaphone.fm/adchoices
43 min
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