About the editor: PETER L. BERNSTEIN is the author of thebestselling Capital Ideas: The Improbable Origins of Modern WallStreet and founding editor of The Journal of Portfolio Management.He is president of Peter L. Bernstein Inc., an economic consultancyto institutional investors and corporations. He managed billions ofdollars for individuals and institutions for over 20 years. Aformer member of the research staff of the Federal Reserve Bank ofNew York, Mr. Bernstein has taught in the graduate program of TheNew School in Manhattan, and has lectured widely throughout theUnited States and abroad.

Among the expert contributors:

Robert Arnott, CFA, President, First Quadrant Corporation, andcoeditor of Active Asset Management.

Gary Brinson, CFA, President of Brinson Partners, Inc., and pastChairman of the Institute of Chartered Financial Analysts.

Donald Chew, Editor of The Journal of Applied Corporate Finance andExecutive Vice President of Stern Stewart & Co., the NewYork-based corporate finance advisory firm.

Roger G. Clarke, CFA and PhD, President of TSA Capital Management,author of Options and Futures: A Tutorial, and coauthor of ManagingCurrency Risks.

Charles D. Ellis, CFA and PhD, Managing Partner of GreenwichAssociates, former Chairman of the Association for InvestmentManagement Research (AIMR), and coauthor of Wall StreetPeople.

Nancy Jacob, PhD, CEO of CTC Consulting, former Dean of the Schoolof Business at the University of Washington, and long-time trusteeof College Retirement Equity Fund.

Robert H. Jeffrey, Chairman of The Jeffrey Company, a majorinvestment fund, and a frequent contributor to investmentjournals.

Michael Jensen, Edsel Bryant Ford Professor of BusinessAdministration at the Harvard Business School and founder of theJournal of Financial Economics.

Mark Kritzman, CFA, a founding partner of Windham CapitalManagement and author of The Portable Financial Analyst.

Terry Marsh, PhD, Associate Professor of Finance, Haas School ofBusiness at the University of California at Berkeley, formerBatterymarch Fellow, and Yamaichi Fellow at the University ofTokyo.