Actuaries in the news

[Happy Skunk]

http://www.justice.gov/usao-wdnc/pr/...ax-returns-and

Patrick Emanuel Sutherland, 47, of Charlotte, was indicted by a federal grand jury sitting in Charlotte for filing false tax returns and obstructing a federal grand jury investigation, announced Jill Westmoreland Rose, Acting U.S. Attorney for the Western District of North Carolina. The indictment was returned on September 17, 2015, and was unsealed today in federal court.

Acting U.S. Attorney Rose is joined in making today’s announcement by Thomas J. Holloman III, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation Division (IRS-CI).

According to allegations contained in the indictment, from 2007 to the present, Sutherland was an actuary, and the owner and operator of numerous companies in the insurance and financial industries. The indictment alleges that between 2007 and 2010, Sutherland and his affiliated companies received deposits from domestic and foreign sources exceeding $2.5 million, yet Sutherland fraudulently underreported his business receipts and his personal income to the IRS by more than $1.5 million. For example, despite receiving substantial income for years 2007 to 2010, Sutherland reported a combined income of approximately $276,697, and paid a mere $12,483 in total federal income taxes. During the same three-year period, Sutherland’s lifestyle and expenditures for personal living expenses far exceeded his total income reported on his individual tax returns, the indictment alleges.

Get 'em Pat!

[campbell]

Originally Posted by Happy Skunk

http://www.justice.gov/usao-wdnc/pr/...ax-returns-and


Get 'em Pat!

He's in the actuarial directory.

For now.

[1695814]

http://www.wsj.com/articles/portfoli...ted-1483931101

Earlier research cited by Dr. Edesess, by Andrew Wise, a former actuary with a global consulting firm, also found no clear advantage between the two strategies. Mr. Wise, whose paper on the subject was published in the British Actuarial Journal in 1996, says he and Dr. Edesess are in agreement.

[campbell]

My own research I did at TIAA was that rebalancing about once every five years was just fine

[1695814]

Originally Posted by campbell

My own research I did at TIAA was that rebalancing about once every five years was just fine

What do you mean by just fine? Are you saying that it made a significant enough difference that it was worth it?

If I'm reading/understanding what Dr. Edesess & Mr. Wise are saying, rebalancing is a whole lot of meh.

[campbell]

By "just fine", it was about reducing volatility in the final result; that's all.

I compared monthly vs. annual vs. every-five-years rebalancing. The less frequently you rebalance, the more dispersion in the final result (assuming various distributions of asset returns), but there wasn't a huge amount of difference between every five years or annually. It is pretty meh, yes.

But if you set it & forget it, you can get quite disparate results if you let it ride for 30 years.

[Neutral Omen]

http://www.chicagotribune.com/busine...009-story.html

[Richard Thaler's] father rode the train daily to Newark, where he was an actuary at Prudential.

"He thought that if I was a real man, I would have become an actuary, that economics was a poor-man's actuary," Thaler said, seemingly only half joking. "He was an influence in that I knew I didn't want to do that."

[YetAnotherCareerChanger]

Originally Posted by Neutral Omen

http://www.chicagotribune.com/busine...009-story.html

I'm hoping my son's not an actuary when he grows up. There are worse things but there are better things too.

[George Frankly]

Originally Posted by Neutral Omen

http://www.chicagotribune.com/busine...009-story.html

I didn't hear Thaler got the Nobel Prize. One of my econ professors was a fan, and I read Winner's Curse in college, and I read Nudge when it came out. Thaler is a really fascinating person.

[v10]

Interesting that two Nobel award winning economists (Thaler and Friedman) had considered becoming actuaries. Or at least their parents considered in Thaler's case.