About the editor: PETER L. BERNSTEIN is the author of the bestselling Capital Ideas: The Improbable Origins of Modern Wall Street and founding editor of The Journal of Portfolio Management. He is president of Peter L. Bernstein Inc., an economic consultancy to institutional investors and corporations. He managed billions of dollars for individuals and institutions for over 20 years. A former member of the research staff of the Federal Reserve Bank of New York, Mr. Bernstein has taught in the graduate program of The New School in Manhattan, and has lectured widely throughout the United States and abroad. Among the expert contributors: Robert Arnott, CFA, President, First Quadrant Corporation, and coeditor of Active Asset Management. Gary Brinson, CFA, President of Brinson Partners, Inc., and past Chairman of the Institute of Chartered Financial Analysts. Donald Chew, Editor of The Journal of Applied Corporate Finance and Executive Vice President of Stern Stewart & Co., the New York-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 Managing Currency Risks. Charles D. Ellis, CFA and PhD, Managing Partner of Greenwich Associates, former Chairman of the Association for Investment Management Research (AIMR), and coauthor of Wall Street People. Nancy Jacob, PhD, CEO of CTC Consulting, former Dean of the School of Business at the University of Washington, and long-time trustee of College Retirement Equity Fund. Robert H. Jeffrey, Chairman of The Jeffrey Company, a major investment fund, and a frequent contributor to investment journals. Michael Jensen, Edsel Bryant Ford Professor of Business Administration at the Harvard Business School and founder of the Journal of Financial Economics. Mark Kritzman, CFA, a founding partner of Windham Capital Management and author of The Portable Financial Analyst. Terry Marsh, PhD, Associate Professor of Finance, Haas School of Business at the University of California at Berkeley, former Batterymarch Fellow, and Yamaichi Fellow at the University of Tokyo.