April 2012

Update on Money Market Fund Reform: Standoff Continues, but Intervention Looms

Support within the SEC for money market fund reform remains uncertain, and the reforms could very well be doomed if they don’t win over a majority of the five commissioners. That is, unless the Financial Stability Oversight Council, a creation of the bureaucratic behemoth known as the 2010 Dodd-Frank Act, steps in. Politics may soon dominate the debate. Read more

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Book Review: Pension Finance

Pension Finance: Putting the Risks and Costs of Defined Benefit Plans Back Under Your Control

M. Barton Waring has succeeded in creating one of the definitive works on the structure and management of defined benefit plans. This indispensable guide for pension advisers dispels any notion of easy solutions to the problems of defined benefit plans, especially underfunding. His sensible solutions are within our grasp if we choose to accept them. Read more

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Equities Roundup: Outlook for Profits May Be Cloudy, But Abandoning Stocks? That’s So 1979

Equity Investments

Global equity markets posted solid, and in some cases spectacular, gains in the first quarter of 2012. Investor euphoria was short-lived, however, as focus in recent weeks has turned to renewed fears about the sovereign debt crisis in Europe. And in the United States, the Federal Reserve has indicated that further quantitative easing (jet fuel for equity markets) may not be necessary. Read more