Biography
Jeremy Stempien is a managing director, portfolio manager, and strategist for PGIM DC Solutions. In this capacity, he is responsible for portfolio management, analysis, and research for the PGIM Target Date Funds and the PGIM Retirement Spending Funds. Prior to joining PGIM, Stempien was a director of investments at Morningstar Investment Management. There, he developed asset allocation programs for plan providers, plan sponsors, and money management companies, working with clients to create and manage custom target date glidepaths, select appropriate asset classes, and construct model portfolios. Previously, he worked as a defined contribution manager at Hewitt Associates. Stempien earned a BA in finance from Saint Louis University and an MBA in investments from the University of Notre Dame.
Are investment returns random across time as Burton Malkiel suggests in his book, A Random Walk Down Wall Street? There is notable disagreement on this topic. This research finds that practitioners may need to rethink their portfolio optimization routines.