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They also aim to be defensible for asset classes and total portfolios while reflecting sensible recent developments within reason.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"How are capital markets projections constructed?",{"text":68,"@type":64},"The approach builds on long-run averages, a conservative bias, and awareness of risk premiums. It uses advanced asset-class modeling, a path for interest rates and inflation, and a cohesive economic outlook tied to long-term equilibrium relationships.",{"name":70,"@type":61,"acceptedAnswer":71},"What is included in the projections and how do they differ from other assumptions?",{"text":72,"@type":64},"Projections are 10-year forward-looking and consist of return plus two volatility-related measures: standard deviation and correlation. 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He is a member of Callan's Institute Advisory Committee and is a shareholder of the firm.  \nAdam Lozinski, CFA, is an assistant vice president and consultant in Callan's Capital Markets Research group. He is responsible for assisting clients with their strategic investment planning, conducting asset allocation studies, developing optimal investment manager structures, and providing custom research on a variety of investment topics. Adam is a holder of the right to use the Chartered Financial Analyst® designation, and is a member of CFA Institute and CFA Society Colorado.  \nKevin Machiz, CFA, FRM, is a vice president and consultant in Callan's Capital Markets Research group. He is responsible for assisting clients with their strategic investment planning, conducting asset allocation studies, developing optimal investment manager structures, and providing custom research on a variety of investment topics. Kevin is also the head of Callan’s multi-asset class research effort and a shareholder of the firm. Kevin is a holder of the right to use the Chartered Financial Analyst® designation, and is a member of CFA Institute and CFA Society Portland. He is a Certified Financial Risk Manager.  \nAgenda  \n● Process overview  \n● Why does Callan create capital markets projections?  \n● Current market conditions  \n● 2021 expectations  \n– Economic outlook  \n–Asset class outlook  \n–Equity  \n–Fixed income  \n–Alternative investments  \n– Forecast parameters  \n–Returns  \n–Risk  \n– Correlation  \n● Detailed 2021 projections and resulting portfolio returns  \nProcess Overview  \nJay Kloepfer  \nWhy Make Capital Markets Projections?  \nGuiding objectives and process  \nCornerstone of a prudent process is a long-term strategic investment plan  \n● Capital markets projections are key elements—set reasonable return and risk expectations for the appropriate time horizon  \n● Projections represent our best thinking regarding the long-term (10-year) outlook, recognizing our median projections represent the midpoint of a range, rather than a specific number  \n● Develop results that are readily defensible both for individual asset classes and for total portfolios  \n● Be conscious of the level of change suggested in strategic allocations for long-term investors: DB plan sponsors, foundations, endowments, trusts, DC participants, families, and individuals  \n● Reflect common sense and recent market developments, within reason  \nCallan’s forecasts are informed by current market conditions, but are not built directly from them  \n● Balance recent, immediate performance and valuation against long-term equilibrium expectations  \nHow Are Capital Markets Projections Constructed?  \nGuiding objectives and process  \nUnderlying beliefs guide the development of the projections:  \n● An initial bias toward long-run averages  \n● A conservative bias  \n● An awareness of risk premiums  \n● A presumption that markets are ultimately clear and rational  \nReflect our beliefs that long-term equilibrium relationships between the capital markets and lasting trends in global economic growth are key drivers to setting capital markets expectations  \nLong-term compensated risk premiums represent “beta”—exposure to each broad market, whether traditional or “exotic,” with limited dependence on successful realization of alpha  \nThe projection process is built around several key building blocks:  \n● Advanced modeling at","cbCaioogMkFXLhQ7","https://ap.wps.com/l/cbCaioogMkFXLhQ7","pdf",1049132,49,"English","# Agenda\n## Process overview\n## Why does Callan create capital markets projections?\n## Current market conditions\n## 2021 expectations\n### Economic outlook\n### Asset class outlook\n### Equity\n### Fixed income\n### Alternative investments\n### Forecast parameters\n### Returns\n### Risk\n### Correlation\n## Detailed 2021 projections and resulting portfolio returns\n# Process Overview\n## Why Make Capital Markets Projections?\n## How Are Capital Markets Projections Constructed?\n## How Does the Process Work?","[{\"question\":\"Why does Callan create capital markets projections?\",\"answer\":\"Projections support a prudent long-term strategic investment plan by setting reasonable return and risk expectations for an appropriate time horizon. They also aim to be defensible for asset classes and total portfolios while reflecting sensible recent developments within reason.\"},{\"question\":\"How are capital markets projections constructed?\",\"answer\":\"The approach builds on long-run averages, a conservative bias, and awareness of risk premiums. It uses advanced asset-class modeling, a path for interest rates and inflation, and a cohesive economic outlook tied to long-term equilibrium relationships.\"},{\"question\":\"What is included in the projections and how do they differ from other assumptions?\",\"answer\":\"Projections are 10-year forward-looking and consist of return plus two volatility-related measures: standard deviation and correlation. They differ from actuarial assumptions that often reflect longer horizons of 30–40 years.\"}]","2021 Capital Markets Assumptions - Webinar - January 2021 | PDF",123]