{"product_id":"global-pension-crisis-isbn-9781118582367","title":"Global Pension Crisis","description":"\u003cb\u003eA comprehensive look at the crisis of unfunded pension liabilities and what must be done to avoid the same problem in the future\u003c\/b\u003e \u003cp\u003eAs the generational bubble of the Baby Boomers begins to retire, it is increasingly evident that governments, corporations, and individuals have failed to adequately prepare for the obligations and needs of this giant cohort. Retirees are outliving actuarial life expectancies, pension liabilities are skyrocketing, pension plans are underfunded, and medical costs rise, the United States alone can expect unfunded liabilities to exceed $4 trillion.\u003c\/p\u003e \u003cp\u003eEven while the American economy shows signs of sustained recovery, states and local governments will still experience sharp increases in pension fund payments through the next year or longer. \u003ci\u003eGlobal Pension Crisis\u003c\/i\u003e looks at this situation and offers practical advice for retirement plan managers and financial advisors, while also explaining how to strengthen pensions and prevent similar crises in the future.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eOffers a clear and comprehensive explanation of the current pension crisis for retirement fund managers, financial advisors, and economists\u003c\/li\u003e \u003cli\u003eIncludes prescriptive guidance on how to strengthen the pension fund system and prevent another similar crisis\u003c\/li\u003e \u003cli\u003eWritten by venture capitalist, entrepreneur, and former senior Wall Street executive Rich Marin\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eForeword xi\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003eAbout the Author xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Your Worst Nightmare 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Family 2\u003c\/p\u003e \u003cp\u003eThe Work 9\u003c\/p\u003e \u003cp\u003eWhere Does That Leave \u003ci\u003eYou\u003c\/i\u003e? 15\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Dimensioning the Problem 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCalculating the Sufficiency of Savings 18\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 You Can’t Build Your Walls High Enough 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Problem of Retirement Income Security 43\u003c\/p\u003e \u003cp\u003eGenerational Warfare over the “Privilege Gap” 47\u003c\/p\u003e \u003cp\u003eFeeding the World 51\u003c\/p\u003e \u003cp\u003ePost-Crisis Policy Adjustments 58\u003c\/p\u003e \u003cp\u003eThe Demographic Monster Stalking Us 61\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Money Matters 63\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEnter Modern Portfolio Theory 63\u003c\/p\u003e \u003cp\u003eThe Search for Alpha 65\u003c\/p\u003e \u003cp\u003eThe Age of Derivatives 67\u003c\/p\u003e \u003cp\u003eThe Birth of Hedge Funds 72\u003c\/p\u003e \u003cp\u003eAlpha\/Beta Separation 73\u003c\/p\u003e \u003cp\u003eThe Origins of Alpha 75\u003c\/p\u003e \u003cp\u003eStatic versus Dynamic Assets and Liabilities 75\u003c\/p\u003e \u003cp\u003eSumming Up 78\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Reinventing Retirement 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefined Benefit Plans 81\u003c\/p\u003e \u003cp\u003eDefined Contribution Plans 82\u003c\/p\u003e \u003cp\u003eWho’s the Client After All? 84\u003c\/p\u003e \u003cp\u003eThe Changing Landscape 85\u003c\/p\u003e \u003cp\u003eThe Perfect Storm 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Alternatives Are Not Only for the Rich and Famous 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePension Assets and the Move Toward Alternative Assets 93\u003c\/p\u003e \u003cp\u003eThe Great Hedge Fund Debate 95\u003c\/p\u003e \u003cp\u003eThe Institutionalization of Hedge Funds 103\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 The Long and the Short of It . . . Trust Me 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAlpha from Operations 116\u003c\/p\u003e \u003cp\u003eOperational Risk 117\u003c\/p\u003e \u003cp\u003eSecurities Lending History 119\u003c\/p\u003e \u003cp\u003eThe Securities Lending Market 121\u003c\/p\u003e \u003cp\u003eSecurities Lending Flow, Process, and Mechanics 124\u003c\/p\u003e \u003cp\u003eRatio Lending 131\u003c\/p\u003e \u003cp\u003eThe Rehypothecation Two-Step 132\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Liability-Driven Alpha 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePainting the Recent Pension Landscape 139\u003c\/p\u003e \u003cp\u003eRisks 140\u003c\/p\u003e \u003cp\u003eBasic LDI Guidelines 142\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Power Tools for Pensions 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePension Benefit Guaranty Corporation 146\u003c\/p\u003e \u003cp\u003eFactors Affecting the PBGC Insurance Programs 147\u003c\/p\u003e \u003cp\u003ePlan Terminations 149\u003c\/p\u003e \u003cp\u003ePension Risk Transfer 150\u003c\/p\u003e \u003cp\u003eSynthetic Mutual Fund Notes 161\u003c\/p\u003e \u003cp\u003eThe Role for Pension Funds 165\u003c\/p\u003e \u003cp\u003eThe Yale Model (the Illiquidity Premium) versus the All-Weather Model 167\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 The Poverty of Nations (Apologies to Adam Smith) 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIs There a Path to Salvation? 176\u003c\/p\u003e \u003cp\u003eThe Chilean Terrarium 179\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 The Ultimate Solution 187\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Nation, State, Municipality, and Company 187\u003c\/p\u003e \u003cp\u003eYou as an Individual 191\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 A Peaceful Night’s Sleep 195\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Our Family Looks Like Now 198\u003c\/p\u003e \u003cp\u003eConcluding Thoughts 201\u003c\/p\u003e \u003cp\u003eWorks Cited 203\u003c\/p\u003e \u003cp\u003eIndex 209\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eRICHARD A. MARIN\u003c\/b\u003e is a former Wall Street executive who currently serves as President and CEO of the New York Wheel project. He teaches finance and asset management at the Johnson Graduate School of Management at Cornell University, where he is a Clinical Professor of Asset Management. He is the founder of Beehive Ventures, a venture capital fund, and Ironwood Global, a distressed mortgage hedge fund.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eThe world is facing an economic time bomb.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAs the generational bubble of the Baby Boomers begins to retire, it is increasingly evident that governments, corporations, and individuals have failed to adequately prepare for the obligations and needs of this giant cohort. Retirees are outliving actuarial life expectancies, pension liabilities are skyrocketing, pension plans are chronically underfunded, and medical costs continue to rise. The United States alone can expect unfunded liabilities to exceed $7 trillion over the coming years—and it's in better shape than many other developed nations.\u003c\/p\u003e \u003cp\u003eEven as the American economy shows signs of sustained recovery, many states and local governments will still experience sharp increases in pension fund payments over the coming years. In fact, the next forty years of the world's economic life will be dominated by one underlying theme: how we deal with the retirement income security of a growing, aging, and longer-lived global population. It's a problem we can't ignore and can't outrun, impacting virtually everyone on Earth.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eGlobal Pension Crisis\u003c\/i\u003e looks at this situation and offers practical advice for retirement plan managers and financial advisors, while also explaining what people and nations can do to strengthen pensions, improve retirement outlooks, and prevent similar crises in the future. It looks at this looming disaster not only through a macro-level lens, but also provides a micro-level look at how the issue will impact individual retirement income and retirement planning.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eGlobal Pension Crisis\u003c\/i\u003e suggests difficult choices that must be made, as well as personal preparedness for anyone concerned about retirement. It explains worst-case scenarios if nothing is done to solve this looming problem, including the growing anger of young workers forced to toil to maintain their parents' lifestyle—a lifestyle they may find forever beyond their reach. This \"Privilege Gap\" that is being created may well lead to one of our next great challenges: avoiding generational warfare.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eGlobal Pension Crisis\u003c\/i\u003e argues that in an interconnected global economy, none of us can hide from this problem, and no single nation can solve it alone. But solve it we must, because this is much more than a financial problem we can fix with tax reform or kick down the road; it's a pervasive issue that directly affects the quality of life of our families, friends, and coworkers.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eThe world is facing an economic time bomb.\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eAs the generational bubble of the Baby Boomers begins to retire, it is increasingly evident that governments, corporations, and individuals have failed to adequately prepare for the obligations and needs of this giant cohort. Retirees are outliving actuarial life expectancies, pension liabilities are skyrocketing, pension plans are chronically underfunded, and medical costs continue to rise. The United States alone can expect unfunded liabilities to exceed $7 trillion over the coming years—and it's in better shape than many other developed nations. \u003c\/p\u003e\u003cp\u003eEven as the American economy shows signs of sustained recovery, many states and local governments will still experience sharp increases in pension fund payments over the coming years. In fact, the next forty years of the world's economic life will be dominated by one underlying theme: how we deal with the retirement income security of a growing, aging, and longer-lived global population. It's a problem we can't ignore and can't outrun, impacting virtually everyone on Earth. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eGlobal Pension Crisis\u003c\/i\u003e looks at this situation and offers practical advice for retirement plan managers and financial advisors, while also explaining what people and nations can do to strengthen pensions, improve retirement outlooks, and prevent similar crises in the future. It looks at this looming disaster not only through a macro-level lens, but also provides a micro-level look at how the issue will impact individual retirement income and retirement planning. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eGlobal Pension Crisis\u003c\/i\u003e suggests difficult choices that must be made, as well as personal preparedness for anyone concerned about retirement. It explains worst-case scenarios if nothing is done to solve this looming problem, including the growing anger of young workers forced to toil to maintain their parents' lifestyle—a lifestyle they may find forever beyond their reach. This \"Privilege Gap\" that is being created may well lead to one of our next great challenges: avoiding generational warfare. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eGlobal Pension Crisis\u003c\/i\u003e argues that in an interconnected global economy, none of us can hide from this problem, and no single nation can solve it alone. But solve it we must, because this is much more than a financial problem we can fix with tax reform or kick down the road; it's a pervasive issue that directly affects the quality of life of our families, friends, and coworkers.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989296988389,"sku":"NP9781118582367","price":60.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118582367.jpg?v=1761783563","url":"https:\/\/k12savings.com\/es\/products\/global-pension-crisis-isbn-9781118582367","provider":"K12savings","version":"1.0","type":"link"}