Robert Arnott, chairman and CEO of Research Affiliates, discusses what demographics can tell us about equity and fixed-income performance in the years ahead.
The population explosion is almost over, with fertility below the replacement rate in many advanced countries and rapidly declining in most developing countries. In the next half century, economic growth will be robust, especially in developing countries, and will increase world wealth dramatically. These factors will make it easier, not harder, to preserve the natural environment and avoid resource shortages. Investors should focus on natural resources and other industries that will benefit from these trends.
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.
Clint R. Laurent discusses how the resolution of sovereign debt problems in the United States and the Eurozone will affect economic activity and the flows of trade and finance across the globe. Specifically, he touches upon the substantial challenges faced by India and the rest of east Asia in the composition of demand and output and how major bond, equity, and currency markets anticipate the incipient cyclical and structural shifts in the world economy.
The world population has surpassed 7 billion people. As inhabitants of Earth first, and investors second, should we be concerned? According to economist and demographer Richard Hokenson the answer is no. Instead, we should be concerned that the world population is projected to shrink as it ages — and as a result the global labor force will soon be declining.
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