Investment Policies of Property-Liability Insurers and Pension Plans: A Lesson from Ben Graham
研究了本·格雷厄姆提出的公开投资策略，模拟显示其在1955-1976年间风险调整后收益和年均回报均优于市场基准，为财产责任保险公司和养老金计划提供了可行的投资选择。
The investment returns of property-liability insurers and pension plans are of increasing importance to the American public. This article examines a publicly available investment strategy, formulated by Benjamin Graham, which, seemingly, is ideally suited to the goals and constraints faced by property-liability insurers and pension plans. Simulations of this strategy over the 1955-1976 period revealed both after-cost risk-adjusted performance and average annual return greater than an appropriate market benchmark. This strategy, therefore, provides a reasonable alternative to both the active strategies utilized by many institutional portfolio managers and to passive index funds.