TCW's Claude Erb and Duke University's Campbell Harvey Win Prestigious Graham and Dodd Award.LOS ANGELES -- TCW TCW Total Carat Weight TCW Temporal Cold War (Star Trek Enterprise) TCW Troop Carrier Wing TCW Turnbuckle Championship Wrestling TCW Tasty Coma Wife (Scrubs episode) Group, Inc., Managing Director Claude Erb and Duke University's Campbell Harvey have won the prestigious Graham and Dodd Graham and Dodd Authors of Security Analysis, one of the more well known and durable works dealing with investment philosophy. Graham and Dodd stressed the importance of value investing, that is, buying shares of companies with undervalued assets and Award for a research paper on the value of investing in commodity futures. The award, given annually by The CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. Institute's Financial Analysts Journal (FAJ FAJ Financial Analysts Journal FAJ Air Fiji (ICAO code) FAJ Floor Assembly Jig ), recognizes excellence in research and financial writing. Past recipients include Nobel laureates William F. Sharpe, creator of the Sharpe Ratio for risk-adjusted return analysis, and Fischer Black, co-author of the Black-Scholes options pricing model. Messrs. Erb and Harvey received the award for a 2006 article in the FAJ titled, "The Strategic and Tactical Value of Commodity Futures," which argues that the long-term risk premium for commodities futures stems from rebalancing Rebalancing The process of realigning the weightings of one's portfolio of assets. Notes: For example, if your portfolio's proportion of stock has grown too large for your intended assets weightings and risk tolerance, you might rebalance by selling some stock and putting of the portfolio. The full text of the article is available free of charge on The CFA Institute's web site at the following link: The Strategic and Tactical Value of Commodity Futures http://www.cfapubs.org/doi/abs/10.2469/faj.v62.n2.4084 "Our paper provides a checklist of issues that we believe investors should focus on in order to better assess the opportunities and pitfalls of investing in commodities," Erb explained. "This is important because investor demand for commodity investment strategies has surged over the last few years. However, the devil is in the details. Not all strategies are created equal and many investors will learn only after they invest that they should have been smarter shoppers and asked a few more questions before they invested." Mr. Erb is a Managing Director at TCW in charge of the team that manages long/short, long-only and collateralized commodity obligation strategies. Mr. Harvey is the J. Paul Sticht Professor of International Business at Duke University. The Graham and Dodd award, the FAJ's highest honor, was created in 1960 to memorialize me·mo·ri·al·ize tr.v. me·mo·ri·al·ized, me·mo·ri·al·iz·ing, me·mo·ri·al·iz·es 1. To provide a memorial for; commemorate. 2. To present a memorial to; petition. the enduring contributions of Benjamin Graham and David L. Dodd to the investment analysis field. FAJ Editor Richard Ennis will present the award to Messrs. Erb and Harvey on Monday, July 16 at The CFA Institute's Financial Analysts Seminar in Chicago. About Claude Erb, CFA Mr. Erb is a Managing Director and member of the TCW Multi-Strategy Fixed Income Committee. Prior to joining TCW in 2001, he was in charge of equity portfolio management, international subsidiary portfolio management, and enterprise risk management for Liberty Mutual Insurance Company. Previously, he managed international equity and fixed income funds, as well as balanced and asset allocation funds, and served as Director of Equity and Fixed Income Research for First Chicago. Before joining First Chicago, he served as Deputy Chief Investment Officer for Trust Services of America. Earlier in his career, he was an Equity Research Analyst with Weiss, Peck and Greer and TCW. Mr. Erb received his BA in Economics from the University of California at Berkeley (body, education) University of California at Berkeley - (UCB) See also Berzerkley, BSD. http://berkeley.edu/. Note to British and Commonwealth readers: that's /berk'lee/, not /bark'lee/ as in British Received Pronunciation. and his MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from the Anderson Graduate School of Management at the University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). at Los Angeles. He is a CFA charterholder. About TCW Founded in 1971, The TCW Group develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $150 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . TCW clients include many of the nation's largest corporate and public pension plans, financial institutions, endowments and foundations, as well as a substantial number of foreign investors and high net worth individuals. TCW is a subsidiary of Societe Generale Asset Management, which has approximately $460 billion under management. |
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