Cover -- Title Page -- Copyright -- Contents -- Preface -- Part 1 Touchstones -- Chapter 1 Improved Pension Designs and Organizations: Gateways to a More Functional Capitalism -- A "Gateways" Lecture in London -- Setting the Stage -- Addressing Capitalism's 21st-Century Challenges -- Sustainable Pension Designs -- Effective Pension Fund Organizations -- Opening Up a Second Front -- A Vision -- Chapter 2 Pension Plans for the Masses: Good Idea or Pipe Dream? -- The Looming Retirement Savings Challenge -- The USA Retirement Funds Initiative -- Canada's Pension Reform Journey -- The UK Pension Journey -- Lessons for the USA and Canada -- Chapter 3 Does Institutional Investing Have a Future? -- A Talk in Tokyo -- The Cost of Active Investing -- New Evidence from the Pension Fund Sector -- How Should Institutions Invest? -- From Theory to Practice: The Case of Ontario Teachers' Pension Plan -- "Ideal" Investment Organizations and the Cost of Investing -- Getting from Here to There -- Chapter 4 Thomas Piketty's Capital in the 21st Century: Its Relevance to Pension Fund Management -- The Piketty Phenomenon -- The R > G Inequality -- The Laws Governing Wealth Concentration -- What Is the R Story? -- How Important Are Pension Funds in the Global Scheme of Things? -- Piketty's Contributions -- Part 2 Pension Design -- Chapter 5 Why We Need to Change the Conversation about Pension Reform -- Debating Pensions in Washington D.C. -- A New Book on Pension Reform -- Changing the Pension Reform Conversation -- A Fit-for-Purpose Pension Formula -- Intergenerational Fairness -- Where to Go from Here? -- Changing the Conversation -- Chapter 6 On the Costing and Funding of Defined-Benefit Pensions: Separating Fact and Fiction -- Unconventional Wisdom Needed -- Complete Pension Contracts -- Incomplete Pension Contracts.

The Risk-Free Arbitrage Test -- The Case of PERS -- Further Reflections -- Chapter 7 Defining Defined-Ambition Pension Plans: Conclusions from an International Conversation -- An International Conversation in Rotterdam -- Addressing the Adequacy-Affordability-Safety Conundrum -- Designing 21st-Century DA Pension Plans -- The QSuper Story -- The PFZW-PGGM Story -- Looking Ahead: Three 21st-Century Challenges -- Chapter 8 What Are Target-Benefit Plans and Why Should You Care? -- Why You Should Care -- What "Benefit" Are We Talking About? -- What Does "Target" Mean in a TB Plan? -- Where Does That Leave Janet and John? -- So What Are Target-Benefit Plans? -- Chapter 9 Designing 21st-Century Pension Plans: We're Making Progress! -- Pension Design in the 21st Century -- The High Historical Returns Mirage -- Rethinking Investment Risk Sharing -- Rethinking Longevity Risk Sharing -- Updating the Tinbergen Pension Model and its Applications -- Part 3 Pension Governance -- Chapter 10 How Effective Is Pension Fund Governance Today?: Findings from a New Survey -- A New Survey on Governance -- Prior Pension Governance Research Findings -- Description of the 2014 Survey and Respondents -- 2014 Survey Findings on Governance -- Major Governance Concerns Remain -- Chapter 11 The Evolving Meaning of Fiduciary Duty: Is Your Board of Trustees Keeping Up? -- Pension Boards Lag Courts in Interpreting 21st-Century Fiduciary Duty -- Why Now? -- Responses at the Pension Organization Level -- Collective Responses at the National and Global Levels -- Doing the Right Thing -- Chapter 12 Pension Organizations and Integrated Reporting: Improving Stakeholder Communications -- The Initiative -- South Africa's Sentinel Mining Industry Retirement Fund -- Practice vs. Theory -- Three Possible Next Steps in the Journey.

Chapter 13 Measuring Value-for-Money in Pension Organizations: A New Look -- Defining Success -- Measuring Value-for-Money -- Chapter 14 Measuring Value for Money in Private Markets Investing: Why Investors Need a Standard Protocol -- A Wakeup Call for Pension Funds -- Measuring Value for Money in Private Markets Investing: A Retrospective -- Measuring Value for Money: from Retrospective to Prospective -- The CEM Standardized Measurement Initiative -- Where to Go from Here? -- Chapter 15 How Pension Funds Pay Their Own Investment People -- A Unique Study of Pension Investment Pay Practices -- A Study in Four Parts -- Four Insights from the Survey Findings -- Searching for High-Compensation Drivers -- Five Concluding Observations -- Chapter 16 Investment Beliefs and Organization Design: Are They Aligned in Your Organization? -- A Recent Board Conversation -- Investment Beliefs -- Two Goals...Two Instruments -- Managing the Return-Seeking Portfolio -- Managing the Payment-Safety Portfolio -- Organizational Implications -- A Board Dilemma -- Chapter 17 Norway versus Yale-or versus Canada?: A Comparison of Investment Models -- Canada Calling -- Competing Investment Models -- Competing Organizational Models -- Which Fund Model "Wins"? -- The Best Way Forward for the Norway Fund -- Should Norway Go Canadian? -- Chapter 18 Does Culture Matter in Pension Organizations? -- Addressing the Culture Question -- Bad Cultures, Bad Outcomes -- Good Cultures, Good Outcomes -- A Biology Framework -- Culture Issues in Pension Organizations -- Part 4 Pension Investing -- Chapter 19 Are Investment Returns Predictable? -- Reconciling Investment Theory and Practice -- The Predictable Returns Thesis -- Lo's Adaptive Markets Hypothesis -- Keynes' "Beauty Contest" Investors -- Akerlof's "Lemons" Thesis.

Drucker's Fiduciary Investment Institutions -- Ambachtsheer's Return Prediction Journey -- Back to the Starting Questions -- Chapter 20 Investment Returns in the 21st Century -- Rethinking Investment Beliefs -- Telling the Capital Markets Story -- The S&P 500 Entrails: A Closer Look -- Reasonable Pricing -- Chapter 21 Long-Termism as the Dominant Investment Paradigm -- Movement toward Long-Termism? -- The Case for Long-Termism -- An Institutional Survey -- Chapter 22 Investing for the Long Term I: From Saying to Doing -- The FCLT Initiative -- Reorienting Portfolio Strategies and Management in Five Core Areas -- From Saying to Doing -- Chapter 23 Investing for the Long Term II: How Should We Measure Performance? -- Long-Term Investing: Measuring Results -- Sensible Progress Markers -- Assessing Investee Organization Health and Effectiveness -- Investment Income Production as Performance -- Total Fund Return Still Matters -- Chapter 24 Investing for the Long Term III: Does It Produce Better Outcomes? -- Better Outcomes? -- The Design of the EIS Study -- The Case of Unilever -- Lessons for Pension Organizations -- Chapter 25 Are Alphas and Betas Bunk? -- Operationally Meaningful Theorems -- Making Portfolio Theory Useful, and Moving On -- Making Drucker's "Unseen Revolution" Visible -- Key Characteristics of Return-Seeking and Payment-Safety Investment Programs -- The Essence of the Scientific Investment Paradigm -- Fits and Misfits -- Are Alphas and Betas Bunk? -- Chapter 26 Risk Management Revisited -- Does MPT Need Editing...Or How We Apply It? -- MPT's Insights -- From Theory to Practice: How Helpful is MPT? -- As Simple as Possible, but No Simpler -- Who Is at Risk? -- What Is Our Risk Exposure? -- Salient Strategic Advice and Implementation.

Chapter 27 From an Unknown to a Known: Managing Climate Change Risk -- Categorizing Risks -- Risk and Pension Management -- The Mercer Climate Change Study -- Risk Management Revisited -- Conclusion -- Notes -- About the Author -- Index -- EULA.