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The Coming Revolution: Equity Return Assumptions Cratering, Stocks Cratering

Traders Magazine, May 2004

Kathryn M. Welling

Andrew Smithers and his financial economics research firm, Smithers & Co., are based in London. His perspective has focused lately on pension plans. And his suggested changes would rock markets. I probed his thinking recently and got an earful. He summed up the prevailing investment climate pretty neatly at the close of a speech he gave in Scotland to the U.K's National Association of Pension Funds. Smithers cited what he dubbed "Smithers' Law: Bad forecasts drive out good.'"

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