Investment Management Consultants Association (IMCA^®) would like to provide you with a sample of our world-class educational offerings through IMCA Ideas—compelling, relevant investment consulting and wealth management content to help enhance your knowledge and set you apart from your competition. Click on the titles below to access the articles.

INVESTMENT TRENDS
When Bad Things Happen to Good Portfolios: Rethinking Risk and Diversification
The events of 2008 and early 2009—the collapse of the credit markets, the evaporation of liquidity, the skyrocketing increase in volatility, the lock-step correlations between asset classes, and the precipitous decline in global equity prices—dramatically challenged the “truth” of MPT.

WEALTH MANAGEMENT
Portfolio Margining: Recent Developments and Innovations in Single Stock Concentration Risk Management
The articles will assess the inconsistent position the Internal Revenue Service (IRS) has taken with respect to prepaid variable forwards (PVFs) and suggest several alternatives to a PVF that deliver the same attractive features as a PVF—hedging, monetization, and tax deferral—but through structures that eliminate or lessen the tax risk and audit risk associated with PVFs.

INSTITUTIONAL CONSULTING
A Framework for Managing Counterparty Risk
The year 2008, among other distinctions, can without doubt be labeled the year of counterparty risk. Although counterparty risk always has been a feature of the global capital markets, the collapse (and effective collapse) of several financial institutions brought it to a new, heightened level of importance.

BEST PRACTICES
The Nine Lives of the Buy-and-Hold Approach
The death of the “buy-and-hold” investment strategy has been greatly exaggerated. Some pundits have seized on the market decline of 2008 and early 2009 as proof that investing for the long term in a portfolio of diversified securities is a sure-fire way to ride the market down while a more tactical approach enables a manager to bob-and-weave out of the way of oncoming market slides.

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