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Burton Malkiel Talks About Efficient Markets
In this video sponsored by Vanguard, Burton Malkiel, Princeton professor and author of "A Random Walk Down Wall Street," talks with RIJ editor Kerry Pechter about what "efficient market" means to him. The 10th edition of "A Random Walk" has just been published.
Industry Views are special reports that are sponsored and independent from RIJ's editorial content.
January 11, 2012, The Decumulation Beat
The Missing Sockdolager
An article appeared yesterday under the headline, "Variable-annuity guarantees disappoint over time." I think the jury is still out on that.
Yesterday, my friend and fellow journalist Bob Powell at Marketwatch published an interview with Ward Pfau, a retirement specialist whose articles I’ve cited in RIJ. “Variable-annuity guarantees disappoint over time,” the headline read.
Perhaps you read the interview online. If you’re in PR at one of the big VA issuers, perhaps your day was spoiled. Or perhaps you felt, when you finished reading, that the content didn’t really make the headline stick.
A young academic and CFA who has published papers in the Journal of Financial Planning, Pfau voiced criticisms that were valid and familiar. Yes, insurance can be expensive. No, it’s not for everybody.
But the story didn’t contain the sockdolager I expected.
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