Author: P. Brett Hammond

Martin L. Leibowitz is Managing Director in the U.S.Research Department at Morgan Stanley. Prior to working at Morgan Stanley, he was vice chairman and chief investment officer of TIAA-CREF. Leibowitz is a leading authority in the fields ofsecurity analysis and portfolio allocation. He is the author offour books, including Franchise Value, and 138 articles, eight of which have won the prestigious Graham and Dodd Award forexcellence in financial writing. Anthony Bova is a Vice President in the Morgan Stanley Research Department, focusing on institutional portfolio strategy.He recently won the ninth annual Bernstein Fabozzi/Jacobs Levy Award for coauthoring the article “Gathering Implicit Alphas in a Beta World, ” which ran in the Spring 2007 issue of the Journalof Portfolio Management. P. Brett Hammond is a Managing Director and Chief Investment Strategist for TIAA-CREF Asset Management. His group isresponsible for asset allocation modeling, institutional advising, economic and market commentary, and investment product andportfolio research. Within TIAA-CREF, Hammond has also publishedextensively on pension issues, developed new approaches toperformance attribution, and played a key role in the creation ofthe company”s life-cycle inflation-linked bond funds.