Contemporary Investment Management_Lindner White Paper-1

8/9/2019 Contemporary Investment Management_Lindner White Paper-1

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Contemporary!

Investment!Management!!!!

Introduction!

!

Lindner!Capital!Advisors!(LCA)!Contemporary!Investment!Portfolios!are!deeply!rooted!in!academic!research,!analytical!

science!and!practical!experience.!LCA!has!established!specific!guidelines!for!their!investment!decisions!and!established!

meaningful!criteria!to!enhance!the!investors!experience.!Clearly!defined!protocols!for!the!maintenance!and!monitoring!

of!the!portfolios!are!intended!to!enhance!the!investors!understanding!of!his!or!her!portfolio.!If,!as!an!investor,!you!have!

questions!or!are!concerned!about!your!current!portfolio,!your!portfolio!needs!to!be!reviewed,!perhaps!modified!and/or!

maintained!to!a!more!rigorous!standard.!!!

!

Table!of!Contents!!

!

Introduction..............................................................................................................................................................................1!

Table!of!Contents......................................................................................................................................................................1!

An!Introduction!to!Modern!Portfolio!Theory ...........................................................................................................................2!

Modern!Portfolio!Theory .....................................................................................................................................................2!

Risk!and!Return ....................................................................................................................................................................3!

Standard!Deviation!(Risk)!Explained ....................................................................................................................................3!

Systematic!Risk!versus!Non"Systematic!Risk ........................................................................................................................5!

Correlation!(Co

"Variance).....................................................................................................................................................6

!

Diversification!between!Asset!Classes .................................................................................................................................6!

The!Core/Satellite/Alternative!Approach.............................................................................................................................7!

Contemporary!Investment!Management .............................................................................................................................8!The!Core ...............................................................................................................................................................................8!

The!Satellite..........................................................................................................................................................................9!

The!Alternative.....................................................................................................................................................................9!

Managed!Futures ...............................................................................................................................................................10!

Income!Requirements!or!Scheduled!Near"Term!Withdrawals...............................................................................................10!

Maintaining!Cash!Allocations .................................................................................................................................................11!

Conclusion!and!Recommendations ........................................................................................................................................11!

Addendum ..............................................................................................................................................................................12!

1.!The

!Potential

!to

!Lower

!Overall

!Risk ...............................................................................................................................12

!

2.!An!Opportunity!to!Enhance!Overall!Portfolio!Returns...................................................................................................12!

3.!Broad!Diversification!Opportunities...............................................................................................................................13!

4.!Opportunity!To!Profit!In!A!Variety!Of!Economic!Environments.....................................................................................14!

5.!Limited!Losses!Due!to!a!Combination!Of!Flexibility!And!Discipline................................................................................15!

The!Efficiencies!and!Performance!of!Futures!Markets ......................................................................................................16!

About!the!Firm........................................................................................................................................................................17!

Robert!J.!Lindner!President/CEO ............................................................................................................................................17!

Scott!Wetherington!Senior!Portfolio!Analyst .........................................................................................................................18!


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An!Introduction!to!Modern!Portfolio!Theory!

Modern!Portfolio!Theory!

Modern!Portfolio!Theory!(MPT)!was!inspired!in!part!by!Harry!Markowitz!in!his!1952!paper!titled!simply!Portfolio!Selection.!

He!later!earned!the!Nobel!Prize!in!Economics!in!1990!for!this!work,!and!it!is!the!application!of!this!theory!that!the!core!

allocations!of

!Lindner

!Capital

!Advisors

!portfolios

!have

!been

!constructed.

!The

!basic

!premise

!of

!MPT

!is

!that

!investors

!can

!

reduce!risk!for!given!levels!of!expected!returns!by!creating!properly!diversified!portfolios.!More!importance!is!given!to!

diversification!within!and!between!broad!asset!classes!than!to!the!selection!of!any!individual!security!in!the!portfolio.!The!

goal!is!to!select!and!construct!portfolios!that!lie!on!an!efficient!frontier!which!is!defined!as!portfolios!that!have!the!least!

amount!of!risk!for!a!given!level!of!return.!!This!level!of!return!is!illustrated!by!the!green!line!in!the!figure!below.!

!

!

!

The!points!lying!on!the!green!line!represent!Efficient!Portfolios.!All!points!not!lying!on!the!green!line!are!deemed!non"

efficient!portfolios.!The!total!grey!line!represents!portfolios!with!decreasing!fixed!income!allocations.!For!example,!Point!

D!(the!start!of!the!grey!line)!represents!a!100%!fixed!income!portfolio.!Point!C!represents!an!80%!fixed!income,!a!20%!

equity!portfolio!while!Point!B!represents!a!30%!fixed!income,!a!70%!equity!portfolio!and!so!on.!

!

Point!A!!A!Non"Efficient!Portfolio.!By!adjusting!the!asset!allocation!an!investor!could!reduce!the!risk!of!this!portfolio!for!

the!same

!level

!of

!return

!(Point

!C),

!or

!the

!investor

!can

!adjust

!the

!asset

!allocation

!to

!increase

!the

!return

!at

!the

!same

!level

!

of!risk!(Point!B).!

!

Point!D!!A!Non"Efficient!Portfolio.!Modern!Portfolio!Theory!has!shown!that!a!100%!fixed!income!portfolio!(Point!D)!

actually!has!more!risk!and!less!expected!return!than!does!a!portfolio!that!is!80%!fixed!income!and!20%!equity!(Point!C).!

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3/18

Risk!and!Return!

A!fundamental!concept!of!investing!is!the!relationship!that!exists!between!risk!and!return.!!

A!risk"free!rate!of!return!is!normally!quoted!as!the!return!offered!on!Government!Treasury!Bills!(T"Bills!for!short).!While!

there!is!no!risk!of!losing!your!principal,!the!investor!will!earn!a!very!small!rate!of!return.!Nonetheless,!that!small!return!is!

guaranteed.!

However,!if!an!investor!is!willing!to!take!on!risk,!it!would!only!be!rational!to!expect!to!be!compensated!for!that!risk!

through!gaining!a!higher!potential!return!on!his!or!her!investment.!The!greater!the!potential!return,!the!greater!the!risk.!

This!is!a!fundamental!relationship,!and,!it!should!also!be!noted!that!such!a!relationship!is!not!linear!in!nature.!Rather,!for!

every!extra!unit!of!potential!return!one!desires,!one!should!expect!a!disproportionately!greater!amount!of!additional!risk;!

risk!grows!exponentially!with!the!expected!potential!return.!This!relationship!is!presented!in!the!figure!below.!

!

!

!

Standard!Deviation!(Risk)!Explained!

According!to!the!Capital!Asset!Pricing!Model,!the!term!risk!can!be!used!interchangeably!with!standard!deviation!with!

respect!to

!well

"diversified

!portfolios.

!In

!other

!words,

!risk

!can

!be

!a!measure

!of

!portfolio

!volatility.

!We

!can

!see

!in

!the

!above

!

figure!that!Standard!Deviation!increases!exponentially!with!Potential!Return,!but!what!does!this!translate!to!in!real!world!

application?!Again,!the!concept!is!best!explained!with!examples.!Let!us!consider!two!different!investment!portfolios.!

Portfolio!A!has!a!potential!return!of!6%!and!a!standard!deviation!of!6%.!!

Portfolio!B!has!a!potential!return!of!8%!and!a!standard!deviation!of!10%.!

Lets!start!by!examining!Portfolio!A.!The!long"term!expected!rate!of!return!for!this!portfolio!is!6%.!With!a!standard!

deviation!of!6%,!it!is!expected!that!68.3%!of!the!time!the!annual!return!of!the!portfolio!will!be!within!one!standard!

deviation!of!6%,!or!6%!+/"!6%.!This!means!that!roughly!7!years!out!of!every!10!years!the!annual!portfolio!return!will!be!

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between!0%!and!+12%.!Further,!it!is!expected!that!the!portfolio!will!occasionally!have!some!annual!returns!outside!this!

range!and!this!can!be!further!expected!to!lie!within!two!standard!deviations!from!6%!roughly!2!years!out!of!10,!for!a!

range!of!6%!+/"!12%!(two!standard!deviations),!or!in!other!words!between!!"6%!and!18%.!Finally,!there!would!be!some!

very!extreme!cases!where!the!portfolio!would!be!expected!to!have!outlying!data!points,!occurring,!perhaps!once!in!every!

10!years!where!the!portfolios!annual!return!would!be!within!3!standard!deviations!from!6%.!This!means,!that!on!

occasion,!the!portfolio!may!have!an!annual!return!that!ranges!between!"12%!and!+24%.!

Range!of!Annual!Returns!and!Expected!Long!"Term!Return!

!

While!the!standard!deviation!in!the!first!few!years!may!result!in!performance!that!is!dramatically!different!than!the!

expected!long"term!return!of!the!portfolio,!over!time!it!is!expected!to!balance!out!and!revert!to!the!expected!average.!

Portfolio!A

!is

!represented

!as

!the

!solid

!lines

!in

!the

!above

!chart:

!Solid

!green

!line

!is

!the

!long

!term

!expected

!rate

!of

!return,

!

and!the!heavy!black!arrows!depict!the!reversion!to!this!average!over!time.!

Portfolio!B,!which!has!a!higher!expected!return!(8%)!and!a!higher!standard!deviation!(10%)!would!be!more!volatile!and!

expected!to!deliver!a!higher!potential!return;!it!should!be!noted!that!this!higher!return!is!not!guaranteed.!For!example,!

referring!again!to!the!above!figure;!while!the!expected!return!line!would!be!higher!by!2!%!(shown!as!the!stippled!green!

line),!the!range!of!ending!values!would!have!a!greater!distance!between!them!(shown!by!the!stippled!arrow!lines).!!

In!summary,!Portfolio!A!with!a!long"term!expected!return!of!6%!and!a!standard!deviation!of!6%!may!perform!as!follows:!

Seven!years!out!of!10!the!annual!return!may!be!between!0%!and!12%!

Two!years!out!of!10!the!annual!return!may!be!between!"6%!and!+18%!

One!year

!out

!of

!10

!the

!annual

!return

!may

!be

!between

!"12%

!and

!+24%

!

After!30!years!the!portfolio!may!have!returned!between!5%!and!7%!on!an!annualized!basis.!

If!we!apply!the!same!calculations!to!Portfolio!B!which!has!a!slightly!higher!long!term!expected!rate!of!return!of!8%,!and!a!

much!higher!standard!deviation!of!10%!we!can!see!the!following!possibilities:!

! ! Seven!years!out!of!10!the!annual!return!may!be!between!"2%!and!+18%!

! ! Two!years!out!of!10!the!annual!return!may!be!between!"12%!and!+28%!

! ! One!year!out!of!10!the!annual!return!may!be!between!"22%!and!+38%!

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After!30!years!the!portfolio!may!have!returned!between!6%!and!10%!on!an!annualized!basis.!

In!conclusion,!a!portfolio!with!a!higher!expected!rate!of!return!may!in!fact!return!a!lower!long"term!average!than!a!less!

risky!portfolio.!In!the!above!examples,!it!is!possible!that!Portfolio!A!would!have!returned!7%,!and!it!is!possible!that!

Portfolio!B!would!have!returned!6%.!The!point:!More!risk!does!not!guarantee!higher!returns;!more!risk!offers!the!

potential!of!higher!returns.!

!

Systematic!Risk

!versus

!Non

"Systematic

!Risk

!

With!respect!to!any!given!securities!market!both!Systematic!Risk!and!Non"Systematic!Risk!will!exist.!

!Systematic!risk!is!the!general!ebb!and!flow!of!the!market!as!a!whole!!or!the!tendency!for!all!stocks!to!increase!or!

decrease!in!value!at!the!same!time!with!a!certain!degree!of!positive!correlation.!!For!example,!Black!Monday,!October!

19,!1987,!was!a!systematic!event!since!almost!all!stocks!fell!in!value!that!day.!!Macro"economic!events!and!stimuli!can!be!

expected!to!have!broad!systematic!effects!on!capital!markets,!positive!or!negative,!on!an!on"going!basis!that!includes!

interest!rate!levels,!political!events,!war,!etc.!It!is!important!to!note!that!systematic!risk!cannot!be!diversified!away.!In!

other!words,!you!may!have!a!portfolio!that!is!diversified!to!include!1000!different!stocks!from!a!given!market,!but!there!

will!always!be!a!base!level!of!return!variance!(shown!as!the!asymptote1!in!the!figure!below).!

Non"Systematic!risk!is!the!element!of!price!risk!that!can!be!largely!eliminated!through!sufficient!diversification!within!a!

particular!asset!class.!The!best!way!to!describe!this!concept!is!to!use!an!analogy.!Let!us!assume!you!owned!just!one!stock;!

if!that!company!goes!bankrupt!you!will!lose!100%!of!your!portfolio.!If!you!owned!one!hundred!different!stocks,!and!one!

company!went!bankrupt,!you!would!lose!just!1%!of!your!portfolio.!Conversely,!what!if!that!one!company!doubled!in!

value?!You!either!doubled!your!money,!or!only!gained!1%,!if!you!held!one!stock!or!100!stocks.!!Non"Systematic!risk!is!the!

individual!business!risk!associated!with!an!underlying!stock;!if!that!company!goes!bankrupt,!it!is!a!non"systematic!risk!

event!and!generally!has!very!little!to!do!with!the!general!ebb!and!flow!of!the!markets!overall.!

!!!!!!!!!!!!!!!!!!!!!!!!!!Non"Systematic!Risk!Decreases!as!the!Number!of!Securities!in!a!Portfolio!Increases!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

1!A!line!to!which!a!curve!draws!increasingly!near!without!ever!meeting!it.!

! 5
http://www.wheredoesallmymoneygo.com/mainpage/2007/7/26/risk-systematic-risk-vs-non-systematic-risk.htmlhttp://www.wheredoesallmymoneygo.com/mainpage/2007/7/26/risk-systematic-risk-vs-non-systematic-risk.html


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Often!debated;!How!many!securities!does!one!need!to!hold!to!eliminate!non"systematic!risk?!!Research!has!shown!that!

between!thirty!and!forty!different!securities!are!enough!to!eliminate!non"systematic!risk.2!

A!rational!investor!would!be!expected!to!take!measures!to!eliminate!non"systematic!risk!from!a!portfolio!by!increasing!

the!number!of!holdings!within!each!distinct!asset!class,!a!task!that!is!easily!accomplished!through!the!asset!class!indexing!

of!products!that!may!routinely!hold!hundreds!of!asset!class!constituents.!

Correlation!

(Co"

Variance)!

Correlation!is!a!measure!of!the!strength!and!direction!of!relationships!between!random!variables.!Two!variables!will!

exhibit!strong!correlation!if!they!both!tend!to!move!in!the!same!direction!(either!positive!or!negative)!with!similar!

magnitudes!or!degrees!of!movement.!Two!variables!will!exhibit!a!strong!negative!correlation!if!they!move!in!opposite!

directions!with!similar!magnitudes!of!movement.!

Ideally,!the!goal!for!long"term!investors!is!to!find!securities!that!have!high!expected!long"term!rates!of!return!and!do!not!

correlate!strongly!with!each!other.!We!illustrate!this!principle!using!an!example!of!two!separate!hypothetical!stocks!as!

depicted!in!the!chart!below.!One!can!see!that!both!Sample!Stock!1!and!Sample!Stock!2!are!trending!positively!over!time,!

but!with!different!patterns!of!return.!By!combining!both!stocks!in!a!portfolio,!we!see!that!the!return!variance!of!the!

combined!portfolio!is!less!than!the!return!variance!for!either!of!the!individual!stocks,!while!the!long"term!rate!of!return!

has!not!been!compromised.!

Combining!Securities!with!Weak!or!Negative!Correlation!Reduces!the!Return!Variance!

!

!

iversification!between!Asset!Classes!

!to!the!advantages!of!diversification!between!stocks.!

ts!a!

.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

D

The!advantages!of!diversification!between!asset!classes!are!similar

The!figure

!on

!the

!next

!page

!shows

!the

!annual

!performance

!(in

!percentage)

!of

!various

!different

!asset

!classes,

!each

!

depicted!by!a!grey!line!(the!asset!classes!are!explained!in!the!figure!legend).!The!single!green"colored!line!represen

weighted!average!of!all!the!asset!classes!combined!together!in!one!portfolio,!with!a!simple!annual!rebalancing!schedule

Note!how!smooth!the!green!line!appears,!which!reflects!a!reduction!in!return!variance!compared!to!the!multiple!grey!

lines.!

!

2!M.!Statman,!"How!Many!Stocks!Make!a!Diversified!Portfolio?"!Journal!of!Financial!and!Quantitative!Analysis!22!

(September!1987),!pp.!353"64.!

! 6


7/18

! 7

!

!

Diversification!Across!Asset!Classes!Reduces!Portfolio!Return!Variance!(Risk)!

!

!

The!Core/Satellite/Alternative !Approach!

In!todays!complex!investing!environment,!traditional!portfolios!may!not!meet!the!needs!of!most!investors.!Traditional!

stock!and!bond!only!portfolios!do!not!incorporate!the!wider!range!of!investment!choices!necessary!to!build!a!successful!

portfolio!that!will!maximize!returns!and!minimize!risk.!!!As!an!extension!to!Modern!Portfolio!Theory,!Lindner!Capital!

Advisors!Contemporary!Investment!Management!!uses!a!strategic!foundation!of!three!portfolio!components:!Core,!

Satellite,!and!Alternative,!which,!when!combined,!may!maximize!portfolio!returns!and!reduce!downside!risk.!

!

Lindner!Capital!Advisors!portfolios!use!a!core"satellite!approach.!The!main!premise!of!this!approach!is!that!relative!

performance!can!be!increased!and!costs!can!be!dramatically!reduced!by!employing!a!passively!managed!core!portfolio!to!

gain!exposure!to!the!market!and!also!temper!the!overall!risk!and!volatility!of!the!portfolio!with!a!risk"reduction!strategy!in!

a!satellite!portfolio!(that!works!in!tandem!with!the!core!portfolio).!Furthermore,!incorporating!diversified!alternative!

investment!mandates!can!increase!actual!risk"adjusted!returns.!


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! 8

Contemporary!Investment!Management!

!

Comparison!of!Stocks!Only!versus!a!Diversified!Portfolio!

!

Considerable!empirical!data!provides!evidence!that!neither!the!average!investor!nor!the!average!professional!money!

anager!can!outperform!the!markets!over!long!periods!of!time!as!documented!by!Burton!Malkiel!in!his!book,!A!Random!

Walk!Down!Wall!Street3

,!and!espoused!similarly!by!John!C.!Bogle4

,!the!founder!of!The!Vanguard!Group.!The!factors!for!

nderperformance!of!actively!managed!mutual!funds,!2)!

r!and!lack!of!investment!decision!protocols.!

!

!

a!

!

!

!recent!

erformance!as!opposed!to!implementing!a!clear!set!of!investment!protocols!provided!by!an!Investment!Policy!Statement!

d!100%!of!the!overall!portfolio.!The!Core!of!the!portfolio!

is!constructed!using!lower!cost,!indexation!products.!Performance!of!the!underlying!benchmark!indices!has!been!shown!

to!consistently!outperform!the!vast!majority!of!actively!managed!portfolios.!Where!the!investor,!in!tandem!with!an!

advisor,!has!expressed!an!interest!in!active!risk"reduction!strategies,!the!Core!allocation!can!be!reduced!as!necessary!to!

facilitate!a!larger!Satellite/Alternative!allocation.!!!

The!Core!Portfolio!Allocation!should!be!constructed!to!provide!broad!market!exposure!with!a!volatility!and!risk!similar!to!

the!overall!market.!The!Core!Portfolio!should!reflect!the!investors!goals!which!then!dictate!the!weightings!among!US!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

m

this!average!underperformance!can!be!attributed!to:!1)!General!u

High!relative!fees!of!actively!managed!products,!and!3)!Investor!behavio

Support!for!the!effect!of!a!lack!of!investor!discipline!and!investment!protocol!is!provided!by!the!Quantitative!Analysis!of

Investor!Behavior!report!released!by!DALBAR.!It!noted!in!that!report!that!from!the!period!of!January,!1984,!to!December,

2002,!the

!S&P

!500

!Index

!averaged

!a!return

!of

!12.22%

!while

!the

!average

!American

!mutual

!fund

!investor

!experienced

!

return!of!only!2.57%5

.!!This!finding!represents!a!general!underperformance!of!9.65%.!It!should!also!be!noted!that!other

reports!have!estimated!that!such!underperformance!is!closer!to!5%.!Nonetheless,!all!reports!attribute!these!findings!to

the!performance"chasing!nature!of!the!average!investor!who!is!prone!to!picking!investments!based!primarily!on

p

(IPS).!!

The!Core!

The!Core!allocation!of!a!portfolio!can!represent!between!60%!an

!

3!Burton!G.!Malkiel,!A!Random!Walk!Down!Wall!Street,!W.!W.!Norton,!1996,!ISBN!0"393"03888"2!

4!John!Bogle,!Bogle!on!Mutual!Funds:!New!Perspectives!for!the!Intelligent!Investor,!Dell,!1994,!ISBN!0"440"50682"4!

5!DALBAR!Inc.,!Quantitative!Analysis!of!Investor!Behavior,!2003!


9/18

! 9

uld!be!broadly!diversified!with!

h re!portfolio!as!long!as!each!fund!

as!a!small!tracking!error!relative!to!the!market!it!is!replicating.!

The!Satellite!!

The!Satellite!portion!of!the!portfolio!is!designed!to!use!risk"reduction!strategies!for!those!investors!who!are!looking!to!

reduce!overall

!portfolio

!volatility

!during

!prolonged,

!turbulent

!markets.

!These

!active

!risk

"reduction

!strategies

!can

!take

!the

!

form!of!using!specialized!narrowly!defined!asset!class!managers.!!It!is!not!necessary!to!have!a!Satellite/Alternative!

allocation!in!a!portfolio.!The!criteria!for!investments!to!include!in!the!Satellite/Alternative!allocation!of!a!portfolio!should!

be!clearly!detailed!in!your!custom!Investment!Policy!Statement.!

The!Satellite!Allocation!seeks!to!increase!the!overall!return!potential!of!a!portfolio!while!maintaining!a!favorable!risk!and!

return!profile!with!Core!investments.!The!Satellite!Allocation!should!be!the!Alpha!portion!of!the!portfolio!and!

complement!the!Core!portfolio.!This!Satellite/Alpha!portion!should!add!incremental!return!without!a!corresponding!

increase!in!risk.!The!investment!types!and!asset!classes!included!in!a!Satellite!portfolio!may!include!opportunistic!and!

manager!skill!based!strategies.!Examples!include!funds!that!have!unconstrained!strategies!and!are!capable!of!investing!in!

all!styles,!market!caps,!and!geographies.!!

The!Alternative!

!The!Alternative!portfolio!is!designed!to!diversify!an!overall!portfolio!further!and!to!lower!the!correlation!with!the!Core!

rs!

!

ho!

!correlations,!risk!metrics,!liquidity,!and!fee!structures.!!They!can!include!the!following:!

Funds:!Strategies!include!Long/Short,!Market!Neutral,!Global!Macro!or!Absolute!Return!Strategies.!

Private!Equity:!Strategies!include!leverage!buyouts,!venture!capital,!distressed!investments,!and!mezzanine!

!

Equities,!Fixed!Income,!and!International!or!Emerging!Markets.!The!Core!portfolio!sho

passive!investments!that!are!low!cost.!Actively!managed!funds!can!be!included!in!t e!Co

h

and!Satellite!portion!of!the!portfolio.!These!investments!include!non"traditional!asset!types!such!as!hedge!funds,!

managed!futures,!and!private!equity.!Many!such!alternative!investments!have!high!minimum!investments,!complicated!

fee!structures,!and!a!relative!lack!of!liquidity.!!Because!of!their!complex!structure!and!liquidity!constraints,!most!investo

will!choose!to!have!only!a!small!portion!(10"25%)!of!their!portfolio!allocated!to!Alternatives.!

Average!investors!may!have!found!the!process!of!investing!in!Managed!Futures!or!similar!alternatives!either!too!costly!or

too!time!consuming.!!The!powers!these!financial!products!wield!in!the!financial!universe!are!best!applied!by!professional!

advisers!who

!grasp

!the

!concept

!of

!risk

"adjusted

!returns

!and

!properly

!correlated

!assets

!with

!a!portfolio.

!!The

!investor

!w

participates!in!a!professionally!Managed!Futures!program!is!likely!to!participate!for!years.!!

!!

The!Alternative!Allocation!seeks!to!have!a!low!correlation!with!Core!and!Satellite/Alpha!portfolios!while!producing!

favorable!returns!regardless!of!market!direction.!!There!are,!generally,!five!classifications!of!alternatives,!each!offering!

different

Hedge!

capital.!

Real!Estate:

!Direct

!investment

!in

!land,

!apartments,

!warehouses,

!and

!office

!buildings.

!

Commodities:!Investments!in!metals,!energy,!and!agriculture.!

Managed!Futures:!Investments!in!futures!and!derivatives!in!over!150!markets!including!commodities,!interest!

rates!and!stock!indices.!


10/18

! 10

r!over!30!years.!!Trusts,!endowments,!public!and!

!and!banks!have!implemented!managed!futures!as!a!way!to!control!portfolio!risk.!!By!their!very!

res!provide!a!diversified!investment!opportunity.!Trading!advisors!can!participate!in!more!than!150!

global!markets,!from!grains!and!gold!to!currencies!and!stock!indices.!Many!funds!further!diversify!these!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

come!Requirements!or!Scheduled!Near"Term!

!by!the!nascent!

Core/Sa !the!

portfolio!that!is!expected!to!be!withdrawn!within!three!years)!should!be!allocated!to!Cash!and!Cash!Equivalents,!or!

guarante

Further,!it!is!recommended!that!this!portion!of!the!portfolio!be!segregated!from!the!investment!and!asset!allocation!

guidelin s!of

!the

!IPS

!for

!longer

!

term!assets!based!on!the!following!methodology:!

Any!portion!of!the!portfolio!required!within!3!years!which!is!to!be!placed!in!the!appropriate!Near!Term!

e!original!Core/Satellite!allocations.!

For!example,!if!the!portfolio!is!$475,000!with!a!50%!Core!/!20%!Satellite!/!20%!Alternative!Allocation!/!10%!

Cash!and!there!is!a!near!term!requirement!of!$50,000,!then!the!Core!/!Satellite!/!Alternative!/!Cash!

allocations!should!be!applied!to!only!$425,000!($475,000!"!$50,000),!with!the!$50,000!required!for!income!

Managed!Futures!

Managed!futures!have!been!used!by!investment!professionals!fo

corporate!pension!funds

nature,!managed!futu

investment!instruments!by!using!several!trading!advisors!with!different!trading!approaches.!These!strategies!can!be!

either!short

"term

!or

!long

"term,

!and

!either

!discretionary

!or

!systematic.

!

The!benefits!of!having!managed!futures!within!a!well"balanced!portfolio!include:!

1. Potential!to!lower!overall!portfolio!risk;!2. Opportunity!to!enhance!overall!portfolio!returns;!3. Broad!diversification!opportunities;!4. Opportunity!to!profit!in!a!variety!of!economic!environments;!5. Limited!losses!due!to!a!combination!of!flexibility!and!discipline.!

!

Detailed!explanations!of!these!benefits!are!provided!by!the!CME!Group:!a!CME"Chicago!Board!of!Trade"NYMEX!Company!(with!permission)!in!the!

Addendum!

!

!

Portfolios . . . including judicious investments . . . in leveraged

Lintner

managed futures accounts show substantially less risk at every possiblelevel of expected return than portfolios of stocks (or stocks and bonds)alone.

Dr. JohnHarvard University

In

Withdrawals!If!there!is!a!requirement!of!income!from!a!portfolio!beyond!interest!and/or!dividend!income!provided

tellite!portfolio,!a!portion!of!the!overall!portfolio!that!is!required!for!this!additional!income!(or!any!portion!of

ed!Government!Bonds!and!like!securities!ONLY.!

es!provided

!elsewhere

!in

!your

!custom

!IPS

!so

!as

!to

!not

!violate

!the

!fundamental

!principle

investments!shall!be!deducted!from!the!overall!portfolios!value.!The!remaining!portfolio!value!shall!be!

allocated!according!to!th


11/18

! 11

drawals!invested!in!Cash,!Cash!Equivalents!and/or!Guaranteed!Government!Bonds!or!

empt!to

!buy

!low,

!the

!ability

!to

!

do!so!would!depend!solely!on!the!availability!of!cash!at!the!investors!disposal.!The!alternative!would!be!

e!also!de"valued!in!the!

market!there!might!be!no!net!long"term!benefit.!Therefore,!having!cash!positions!in!a!portfolio!allows!

they!do!present!themselves.!

Traditional!approaches!used!to!determine!appropriate!asset!allocations!can!be!applied!to!the!selection!of!

Portfolio!

optimization!

and!

strategic!

rebalancing!

techniques!

should!

ultimately!

enhance!

returns!

and!

lower!

portfolio!volatility.!!!

A !becomes!

e

M

a ternative!investments.!!Venture!capital,!bankruptcy!funds,!and!leveraged!buy"out!funds!are!

considered!high"risk!investments!and!will!not!be!utilized!regardless!of!an

investor.!!!

The!returns!of!managed!futures!are!largely!non"correlated!to!traditional!equity!and!fixed"rate!securities!

over!long

!periods

!of

!time.

!

!compared!

!of!just!stocks!and!bonds.!

rating!managed!futures!is!a!strategically!designed!investment!strategy!designed!to!participate!

ltiple!

io.!

g!a!third"party!managed!futures!strategy!that!is!expected!to!reduce!

the!overall g!

expense !

Contemp g!periods!

of!time.!

or!for!near!term!with

like!securities.!

Maintaining!Cash!Allocations!The!general!rule!of!thumb!with!respect!to!investing!is!that!an!investor!should!endeavor!to!buy!low,!and!

sell!high.!The!calendar!years!2008!and!2009!have!shown!that!at!times,!many!asset!classes!tend!to!

correlate!highly

!in

!a!systematic

!bear

!market.

!Therefore,

!if

!one

!were

!to

!att

to!sell!other!securities!to!liquidate!cash!positions,!but!if!those!other!securities!wer

investors!to!take!advantage!of!market!opportunities!when!

Conclusion!and!Recommendations!

alternative!strategies.!!!

lternatives!should!never!be!intentionally!over"weighted!in!a!well!diversified!portfolio.!!Risk

xtremely!difficult!to!quantify.!

anaged!futures,!fixed"income!hedge!funds!and!indexed!commodity!investments!are!considered!

cceptable!al

y!perceived!benefit!to!an!

A!portfolio!incorporating!managed!futures!reduces!risk!at!every!possible!level!of!return!when

to!a!portfolio!comprised

A!portfolio!incorpo

in!global!futures,!options!and!foreign!exchange!markets.!!!

Portfolios!are!highly!flexible!and!can!be!customized!to!a!variety!of!investor!objectives.!!Lindner!provides!mu

levels!of!monitoring!and!risk!control.!

A!Lindner!Capital!Advisors!portfolio!constructed!using!the!principles!of!Contemporary!Investment!Management!

embraces!the!concepts!of!Modern!Portfolio!Theory!to!stress!proper!asset!allocation!for!the!Core!portion!of!the!portfol

Satellite!portfolio!allocations!are!implemented!usin

!risk!of!the!portfolio.!Every!effort!has!been!made!to!minimize!costs!associated!with!the!various!underlyin

s!typically!associated!with!this!portfolio!strategy.!!It!is!expected!that!for!a!given!risk"return!profile,!these

orary!Portfolios!should!outperform!the!majority!of!all!other!investment!strategies!for!investors!over!lon


12/18

Add

1.!The!Potential!to!Lower!Overall!Risk!

!Risk!

!no

!

!well!during!

!downside!

! Managed!Futures! Bonds! U.S.!Stocks!

endum!!

The!main!benefit!of!adding!managed!futures!to!a!balanced!portfolio!is!the!potential!to!decrease!portfolio!volatility.

reduction!is

!possible

!because

!managed

!futures

!can

!trade

!across

!a!wide

!range

!of

!global

!markets

!that

!have

!virtually

long"term!correlation!to!most!traditional!asset!classes.!Moreover,!managed!futures!funds!generally!perform

adverse!economic!or!market!conditions!that!negatively!affect!stocks!and!bonds,!thereby!providing!excellent

protection!for!most!portfolios.!

! 12

Correlation!of!Selected!Asset!Classes*!

Manage 0! 0.30! "0.23!d!Futures! 1.0

Bonds!

0.30!

1.00! "

0.29!

U.S.!Stocks! "0.23! "0.29! 1.00!

!

*Based!on!a!10

1)!Managed!fu

2)!Bonds:!Lehman

3)!U.S.!stocks:

Source:!Barcla

2.!An

While!m

can!also erall

!portfolio

!performance.

!

The!following!chart!illustrates!how!adding!managed!futures!to!a!

tradition

also!pot

substant

beginnin

Harvard!

portfolio

judicious !futures!accounts!

show!substantially!less!risk!at!every!possible!level!of!expected!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

"year!period!ending!December!31,!2007!

tures:!Barclay!CTA!Index;!

!Brothers!Long"Term!U.S.!Treasury!Index;!

!S&P!500!Total!Return!Index;!

yHedge,!Ltd.!

!Opportunity!to!Enhance!Overall!Portfolio!Returns!

anaged!futures!can!decrease!portfolio!risk,!these!futures!

!simultaneously

!enhance

!ov

al!portfolio!improves!overall!investment!quality!while!

entially!reducing!risk.!This!strategy!has!been!

iated!by!an!extensive!amount!of!academic!research,!

g!with!the!landmark!study!by!Dr.!John!Lintner!of!

University!in!which!he!wrote:!!the!combined!

s!of!stocks!(or!stocks!and!bonds)!after!including!

!investments!!in!leveraged!managed

return!than!portfolios!of!stocks!(or!stocks!and!bonds)!alone.6!!

Goldman!Sachs

!studied

!the

!ability

!of

!futures

!to

!enhance!returns!of!traditional!portfolios.!Covering!a!

25"year!period,!they!found!that!even!a!10%!

allocation!to!commodities!yielded!vastly!improved!

performance.!The!CME!also!noted,!Portfolios!wi

as!much!as!20%!of!assets!in!managed!futures!yield!

up!to!50%!more!than!a!portfolio!of!stocks!and!

th!

bonds!alone.!

!

6!Lintner,!John,!The!Potential!Role!of!Managed!Commodity!Financial!Futures!Accounts!(and/or!Funds)!in!Portfolios!of!

Stocks!and!Bonds,!Annual!Conference!of!Financial!Analysts!Federation,!May!1983.!


13/18

! 13

fication!Opportunities!

he!Many!Different!Futures!Markets

markets!around!the!world.!By!broadly!

3.!Broad!Diversi

T !

t!are!traded!on!many!regulated!financial!and!commodity!

diversifying!across!the!global!markets,!managed!futures!can!simultaneously!profit!

Managed!futures!are!highly!flexible!financial!instruments!tha

from!price!changes!in!stock,!bond,!currency!and!money!markets,!as!well!as!from!diverse!commodity!markets!that!have!

virtually!no

!correlation

!to

!traditional

!asset

!classes.

!

International!futures!

exchanges!are!

continuing!to!adapt!to!

growing!consumer!

demand!with!more!and!

more!new!futures!

contracts!entering!the!

market.!In

!recent

!years,

!

futures!contracts!have!

been!issued!on!ethanol,!

water!and!even!the!

weather.!

!

Ease!of!Global!Diversification!

The!substantial!growth!of!futures!

affect!some

!commodities

!or

!financial

!

futures!more!than!others.!

!

!

!

Source:!FIA!2007!

exchanges!across!the!globe!affords!

trading!

advisors!

countless!

opportunities!to!diversify!their!

portfolios!by!geographic!markets!as!

well!as!by!product.!Thus,!advisors!can!

have!ample!opportunity!for!profit!

potential!and!risk!reduction!among!a!

broad!array!of!non"correlated!markets.!

Investing!in!managed!futures!on!a!

global!scale!also!provides!protection!

against!geospecific!variables!such!as!

poor!weather!or!political!unrest,!which!


14/18

!

!

4.!Opportunity!to!Profit!in!a!Variety!of!Economic!Environments!

Managed!futures!trading!advisors!can!

generate!profit!in!both!increasing!or!

! 14

decreasing!markets!due!to!their!ability!

to!go!long!(buy)!futures!positions!in!

anticipation!of!rising!markets!or!go!

short!(sell)!futures!positions!in!

anticipation!of!falling!markets.!

Moreover,!trading!advisors!are!able!to!

go!long!or!short!with!equal!ease.!!

!

This!capability,!coupled!with!a!virtual!

non"correlation!with!most!traditional!

asset!classes,!has!resulted!in!managed!

futures!funds!performing!well!relative!

to!traditional!asset!classes!during!

adverse!periods!for!stocks!and!bonds.!

For!example,!during!periods!of!

hyperinflation,!hard!commodities!such!

estock!

tend!to!do!well,!as!do!the!major!world!

ary!times,!

!profit!

h!

t!

!

!

utral!

ct!portfolios!against!unpredictable!events!is!invaluable!in!todays!volatile!global!

as!gold,!silver,!oil,!grains!and!liv

currencies.!!

!

Conversely,!during!deflation

futures!provide!an!opportunity!to

by!selling!into!a!declining!market!wit

the!expectation!of!buying,!or!closing!ou

a!position,!at!a!lower!price.!Trading

advisors!can!even!use!strategies!that!

employ!options!on!futures!contracts!and

allow!for!profit!potential!in!flat!or!ne

markets.!

!

This!ability!to!accommodate!and!prote

markets.!

As!the!above!chart!shows, during!the!stock!market!crash!in!1987,!panic!

hit!the!stock!markets!following!the!largest!one"day!loss!in!history.!

Managed!futures!reported!above!20!percent!returns.!Similarly!after!the!

terrorist!attacks!of!9/11,!the!stock!market!plummeted!16.3!percent.!In!

contrast,!managed!futures!gained!8.3!percent!in!the!same!period.


15/18

! 15

.!Limited!Losses!Due!to!a!Combination!of!Flexibility!and!Discipline!

he!Potential!to!Limit!Drawdowns!

e!

n!can!

!

rawdowns!for!managed!futures!have!

erally!

!after!

!

!as!the!fact!that!

anaged!futures!often!have!fewer!

nce!extreme!drawdowns!in!bear!markets.!With!reference!to!the!above!chart,!the!

44.7!percen !

ck!i

5

T

Drawdowns,!or!the!reduction!of!a!fund,!

might!be!experienced!during!a!market!

retrenchment!and!are!an!inevitable!

part!of

!any

!investment.

!However,

!

because!managed!futures!traders!can!

go!long!or!short!!and!typically!adher

to!strict!stop"loss!limits!!managed!

futures!funds!can!limit!their!

drawdowns!more!effectively!tha

many!other!investments.!!

As!the!accompanying!chart!shows,

d The!chart!above!shows!the!worst!historic!drawdowns!for!each!of!the!

indices!from!11/1990!throu h!02/2008.been!less!steep!than!those!for!major!!

global!equity

!indices.

!!

!

The!Ability!to!Recover!Quickly!

Additionally,!managed!futures!gen

have!shorter!recovery!times

drawdown!periods.!This!characteristic!is

due,!in!part,!to!the!ability!to!use!short!

trading!to!take!advantage!of!falling!

markets,!as!well

m

losses!

to!

recover.!!

When!unable!to!use!short!trading!to!

take!advantage!of!falling!markets,!

traditional!stock!indices!may!experie

maximum!drawdown!for!stocks!was!

such!large!drawdowns.!To!recover,!the!sto

t!from!09/2000!through!09/2002.!It!takes!much!longer!to!make!up!for

ndex!needed!to!re"achieve!almost!80!percent!of!its!new!low!level.!


16/18

The!Efficiencies!and!Performance!of!Futures!Markets!

While!managed!futures!are!new!to!

! 16

some!investors;!banks,!corporations!

ge.!

es!

!

ofit.!

!discovery!

would!only!occur!when!both!a!

!

s!in

!the

!marketplace;

!

esulting!in!hedgers!being!able!to!execute!

ce,!without!

!helps!ensure!market!integrity.!By!selling!futures!when!prices!are!rising!and!by!

ding!activity!can!have!a!stabilizing!effect!on!volatile!markets.!

,!managed!futures!have!consistently!outperformed!other!asset!classes!such!as!

!investment!of!$10,000!invested!in!1980.!If!placed!in!a!U.S.!stock!fund!mirroring!the!

have!been!worth!approximately!$288,000!in!early!2008.!Allocating!the!same!amount!to!a!

cting!the!Morgan!Stanley!Capital!International!Index!of!world!stocks,!the!initial!

!grown

!to

!nearly

!$120,000

!in

!the

!same

!period.

!!The

!same

!investment

!in

!managed

!futures,

!based

!

ties!and!Derivatives!Markets!weighting,!would!have!grown!to!more!than!$513,000.!

and!mutual!fund!managers!have!for!

decades!used!futures!markets!to!

manage!their!exposure!to!price!chan

Futures!markets

!let

!these

!compani

hedge!or!transfer!their!risk!to!other!

market!participants,!including!

speculators,!who!assume!this!price!risk

in!anticipation!of!making!a!pr

Without!speculators,!price

producer!and!an!end!user!execute!a

transaction!at!the!same!time.!

Speculation!increases!the!number!of!

ready!buyers

!and

!seller Over

!the

!past

!27

!years,

!managed

!futures

!have

!outperformed

!almost

!

every!other!asset!class,!including!high"performing!S&P!500!Total!

Returns.!

r

larger!orders!at!their!convenien

effecting!dramatic!change!in!price.!!This!

action!provides!additional!liquidity,!which

purchasing!futures!as!prices!fall,!their!tra

Looking!back!over!the!past!few!decades

stocks!and!bonds.!Consider!an!initial

S&P!500,!that!investment!would!

basket!of!international!equities!refle

investment!would

!have

on!the!Center!for!International!Securi


17/18

! 17

!a!federally!registered!investment!advisor!based!in!the!Atlanta,!GA,!metropolitan!

ide!asset!management!services!through!an!exclusive!group!of!financial!professionals!

cally!sound!strategy!to!portfolio!construction!utilizing!the!principles!of!Modern!Portfolio!

gned!to!capture!diversification!benefits!with!favorable!risk"return!characteristics.!

!the!investors!risk!tolerance,!investment!purpose!and!time!horizons.!By!

rn,!LCA!is!able!to!develop!different!models!and!combinations!of!investments!that!have!the!

als.!In!order!to!provide!the!investor!with!individualized!solutions,!a!written!

provides!specific!information!covering!client!objectives!and!constraints,!target!returns,!

risk!tolerance,!time!horizons,!anticipated!withdrawals!and!contributions,!and!taxation!and!regulatory!issues.!Today,!

ment!services!are!offered!by!a!select!group!of!independent!representatives!of!

!Accountants,!attorneys,!independent!registered!investment!advisors,!and!other!

ry!documents!with!the!SEC!to!open!an!investment!advisory:!!Lindner!Capital!

ys!and!

independent!registered!investment!advisors.!!

gies,!

r!

Fast!forward!to!2005;!Lindner!Capital!Advisors!engaged!CEG!Worldwide!to!develop!the!Lindner!Elite!Advisor!Form.!!The!

following!year!Lindner!College!was!born!and!LCA!was!certified!by!the!Centre!for!Fiduciary!Excellence!(CEFEX)!for!its!

conformity!to!the!Global!Fiduciary!Standards!of!Excellence.!!

!Since!1986,!Lindner!has!employed!the!tenets!of!Modern!Portfolio!Theory!to!manage!their!portfolios.!!Relationships!have!

been!maintained!with!key!institutional!managers!that!do!not!offer!retail!distribution,!choosing!to!work!directly!with!large!

organizations!and!pension!funds!only.!!LCA!continues!to!employ!the!same!core!academic!beliefs!that!have!been!awarded!

the!Nobel!Prize!in!Economics!seven!times!since!1990!and!maintains!relationships!with!key!academicians!from!the!

University!of!Chicago,!Stanford!University,!University!of!Pennsylvanias!Wharton!School!and!Dartmouth!University.!!In!

2009,!Lindner,

!with

!his

!team

!of

!investment

!analysts,

!developed

!the

!Contemporary

!Portfolio

!Series,

!

based!on

!the

!

academic!work!of!Dr.!John!Lintner,!Harvard!University.!

!

Robert!earned!his!undergraduate!degree!in!Business!Management!from!Mercer!University!and!his!graduate!degree!in!

Financial!Services!from!the!American!College.!!He!is!an!Accredited!Investment!Fiduciary!(AIF),!a!professional!designation!

awarded!by!the!Center!for!Fiduciary!Studies,!Katz!Graduate!School!of!Business!at!the!University!of!Pittsburg!and!an!

Accredited!Asset!Management!Specialist!(AAMS).!!He!is!a!licensed!Certified!Financial!Planner!(CFP)!and!was!

admitted!to!the!Registry!of!Financial!Planning!Practitioners!in!1994.!!Robert!serves!on!the!Executive!Boards!of!the!Atlanta!

Humane!Society!and!the!Georgia!Chapter!of!the!March!of!Dimes.!!He!and!his!wife,!Ann,!live!in!Marietta.!!!

About!the!Firm!Lindner!Capital!Advisors,!Inc.!(LCA)!is

area.!LCA!was!formed!in!1996!to!prov

and!selected!broker/dealers.!

LCA!applies!a!unique!and!academi

Theory.!!Discretionary!portfolios!are!desi

The!firm!designs!portfolios!consistent!with

establishing!target!rates!of!retu

highest!probability!of!achieving!client!go

investment!policy!is!prepared!that!

Lindner!Capital!Advisors!asset!manage

other!broker!dealers,!Certified!Public

financial!professionals.!

Robert!

J.!

Lindner!

President/CEO!!In!1996,!Robert!Lindner!filed!the!necessa

Advisors,!Inc.!(LCA).!!The!following!year!he!expanded!the!scope!of!the!advisory!to!provide!fee!based!turnkey!asset!

management!services!to!representatives!of!other!broker!dealers,!Certified!Public!Accountants,!attorne

Considering!Lindners!history,!this!was!a!natural!progression.!!He!had!entered!the!insurance!industry!in!1977,!with!Paul!

Revere!Life!Insurance!Company!in!a!sales!management!training!position.!!In!1983,!Covington,!Lindner!and!Associates!

opened!for!business!selling!insurance!and!mutual!funds;!in!1986,!the!name!was!changed!to!Financial!Planning!Strate

Ltd.,!and

!the

!focus

!shifted

!to

!financial

!planning.

!!In

!1988,

!Financial

!Planning

!Strategies

!registered

!as

!an

!investment

!adviso

with!the!SEC.!!As!the!focus!and!service!changed,!so!did!the!name.!!


18/18

18

ton!

stment!management!experience!with!him!when!he!joined!Lindner!Capital!Advisors!in!2009.!

Most!recently,!a!portfolio!manager!at!ING,!he!has!extensive!experience!in!trading!and!analysis!in!fixed!income,!

estment!research!that!lead!to!the!development!of!the!Contemporary!Portfolio!Series,!based!on!the!academic!work!of!Dr.!John!Lintner,!Harvard!University.!!Scott!performed!the!due!diligence!and!oversaw!the!selection!

!institutional!managers,!enabling!Lindner!to!implement!the!Contemporary!Portfolio!

ive!basis.

!

!from!James!Madison!University.!He!is!a!CFA!Level!III!candidate.!Scott!and!his!wife,!Nicole,!

Scott!Wethering

Senior!Portfolio!Analyst!Scott!brought!17!years!of!inve

derivatives,!commodities,!hedge!funds,!private!and!public!equity,!and!short!duration!money!market!instruments.!!He!has!

a!thorough

!knowledge

!of

!working

!with

!large

!institutional

!clients,

!insurance

!companies,

!pension

!funds,

!state

!treasury

!and

!

endowments.!!Most!important,!Scott!is!experienced!in!all!aspects!of!the!portfolio!management!process!including!

investment!policy!statement!design,!optimal!asset!allocation,!monitoring!investments,!and!client!feedback.!

Scotts!investment!knowledge!is!vast!and!varied:!As!an!energy!analyst,!he!evaluated!natural!gas,!power!markets!and!

energy!derivatives;!as!a!liquidity!manager,!he!was!responsible!for!managing!financing!trades!for!a!leveraged!hedge!fund;!

as!a!liquidity!trader,!he!was!responsible!for!the!daily!investment!of!available!cash!and!financing!daily!borrowing!

requirements!for!hedge!fund!client!portfolios!and!large!institutional!fixed!income!portfolios.!!

Scott!supervised!the!inv

process!for!a!new!group!of!exclusive

Series!on!an!extremely!cost"effect!

Scott!earned!his!BBA!in!Finance

live!in!Woodstock,!GA.!

!

Documents

Contemporary Investment Management_Lindner White Paper-1