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- Title
Investment Policies of Property-Liability Insurance and Pension Plans: A Lesson from Ben Graham.
- Authors
Oppenheimer, Henry R.; Schlarbaum, Gary G.
- Abstract
ABSTRACT The investment returns of property-liability insurers and pension plans are of increasing importance to the American public. This article examines a publicly available investment strategy, formulated by Benjamin Graham, which, seemingly, is ideally suited to the goals and constraints faced by property-liability insurers and pension plans. Simulations of this strategy over the 1955-1976 period revealed both after-cost risk-adjusted performance and average annual return > an appropriate market benchmark. This strategy, therefore, provides a reasonable alternative to both the active strategies utilized by many institutional portfolio managers and to passive index funds.
- Subjects
RATE of return; INSURANCE companies; LIABILITY insurance; PROPERTY insurance; ECONOMICS
- Publication
Journal of Risk & Insurance, 1983, Vol 50, Issue 4, p611
- ISSN
0022-4367
- Publication type
Article
- DOI
10.2307/252704