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How to Add Value
The Technology of Adding Value

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        Have Efficient Markets Resurfaced and Are They Here to Stay? by Stephen C. Winks. Has our concept of efficient markets become passé or will the recent downturn restore our faith? This is a market where investors are behaving in an emotional and not strictly rational manner, where active investment management strategists can be highly successful. (Download in pdf format)

        Putting Monte Carlo Simulation into Practice by Rex P. Macey. Monte Carlo simulation, defined as the use of random sampling to estimate actual values, has helped clients become more comfortable with their strategic allocation and gain a better understanding of the trade-off between risk and return. (Download in pdf format)

        Creating an Investment Policy Statement by Stephen C. Winks. How do you differentiate yourself from thousands of financial advisors in today's highly competitive financial services business? When all financial advisors seem to be saying the same things, it is difficult for the consumer to discern one financial advisor from another. The creation of a statement of investment policy is perhaps the most powerful sales tool in the financial services business as it differentiates the level of investment counsel and value the investment management consultant provides and facilitates the building of long-term relationships. (Select: Download in pdf format or for a quicker download, download in pdf format without graphics)

        Tactical Asset Allocation by Stephen C. Winks. The single most challenging question the investment management consulting industry faces goes beyond the heavily debated issue of whether a consultant or a firm can address the investment values most important to each individual investor. Somehow lost in this debate of making it culturally, structurally and technologically possible to add value, is the fact that constructing portfolios that will achieve the client's long-term goals and objectives is not a mechanical one-decision process. It requires real skill and judgment on the part of the consultant that transcends a superficial discussion of investments or the investment process. The question is how good are we as consultants at adding value. (Download in pdf format)

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        Building and Managing Tax-Efficient Portfolios by Stephen C. Winks. If you were to pose the question to your clients, "To what extent do you wish your assets to be fully taxable, tax deferred and/or estate tax free?" the response from taxpaying investors would be predictable. In fact, the challenge would not be to achieve a high level of income and estate tax efficiency in constructing the client's portfolio, but to maintain the appropriate level of liquidity to prudently address the client's unforeseen liquidity needs in the short and intermediate term. (Download in pdf format)

        The Performance Monitor by Stephen C. Winks. Are investor expectations out of line with reality? In early 1998, Merrill Lynch's annual client survey found investors expected to achieve 15% returns over the next 10 years, which is 50% higher than historical market returns. Indeed, over the past 10 years through March 1998, the Dow Jones industrial average has averaged 19.6% or almost 100% higher than historical returns. We all know that there has never been a 15-year period where the investor didn't do better in equities than fixed income. Yet, we also know that it is virtually impossible for equity managers to consistently beat the index and that the average return generated in a commission brokerage account is just 6.0%. (Download in pdf format)

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