Annual Meeting Investments Sessions

Capital market dynamics change over time, and connect directly to return expectations. Panelists review the impact of rising and falling interest rates and stock pricing multiples on capital market models and expectations for portfolio returns.

The pension investment environment is continuously evolving. Speakers cover emerging views and approaches in liability-driven investing, risk transfer and the use of non-liquid alternatives. Presenters also review the pros and cons of the recently controversial ESG (environmental, social, and corporate governance) investment approach.

Financial economists have long advocated that retirement investing be done using fixed income, given that retirement commitments are generally fixed. This argument relies on a presumption that equity risk increases rather than decreases over time. But -- is this really true? Aren't economies and capital markets cyclical, with at least some reversion-to-mean tendencies? If so, how does that affect the stock vs. bond decision for funding long-term retirement commitments?