Vincent Milhau, PhD, EDHEC Risk Institute: The Future of Goals Based Investing

Our guest today is Dr. Vincent Milhau, who is a Research Director of the EDHEC-Risk Institute. Vincent is in charge of several research projects at the Institute in the fields of portfolio optimization and asset allocation for institutional and individual investors. Most of these projects are funded by large industry players interested in the latest advances in risk management and asset allocation. His main focus is on goal-based investing or GBI and it is what we focus on in the episode.   Vincent has a diverse academic background that ranges from his bachelor’s degree in Mathematics at University of Paris to graduate work in modeling, statistics and finance. He finished his academic studies with his PhD in Finance from University of Nice, where the EDHEC Risk Institute is located.   In this episode, we discuss a variety of topics centered around GBI, with the focus on retirement investing for individuals. Our listeners will receive a primer on GBI, flaws with existing strategies, new ways we can address the retirement problem and more.   Please enjoy the episode.    Our local co-hosts today are Steve Curley, CFA (President of CFA Society Orlando) & Sebastien Gault, CFA (Member of CFA Society Orlando, who is originally from Nice).   Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL   Links:   Website: https://risk.edhec.edu Papers/Books: Advances in Retirement Investing (2020, Martellini, Milhau) https://www.cambridge.org/core/elements/advances-in-retirement-investing/E097D7D585051A8BFCEDE518F40562DC Securing Replacement Income with Goals-Based Retirement Investing Strategies (2020, Martellini, Milhau, Mulvey) https://risk.edhec.edu/publications/securing-replacement-income-goal-based-0 “Flexicure” Retirement Solutions: A Part of the Answer to the Pension Crisis? (Martinelli, Milhau, Mulvey) https://risk.edhec.edu/publications/flexicure-retirement-solutions-part-answer-0   About EDHEC Risk Institute: In 2001, EDHEC Business School created EDHEC-Risk Institute, a premier academic centre for industry-relevant research in investment management, which has developed a portfolio of research and educational initiatives in the domain of investment solutions for institutional and individual investors. The institute, in partnership with industry leaders, boasts a team of permanent professors, engineers and support staff, as well as affiliate professors and research associates. Their collective work has a particularly significant footprint in the areas of risk premia harvesting, retirement investing and sustainable investing. Its philosophy is to validate its work by publishing in international academic journals, as well as to make it available to the sector through position papers, published studies, online courses, on-campus workshops and global conferences. To ensure the dissemination of its research to the investment industry, EDHEC-Risk also provides professionals with access to its website, https://risk.edhec.edu, which has more than 120,000 visitors and is devoted to asset and risk management research, with a focus on investment solutions. Finally, its quarterly newsletter is distributed to over 100,000 readers.  

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The award* winning Investors First Podcast is a service of CFA Society Orlando. Subject matter experts from our Society interview Founders, Chief Executive Officer’s, Chief Investment Strategists, Fed Presidents and more to discuss timely and relevant topics in finance. Our mission is to educate investors and investment professionals in Florida, the Americas and beyond, with a focus on making you a more informed investor and/or advisor. *The CFA Institute awarded CFA Society Orlando the 2020 Impact and Innovation Award for the Investor’s First Podcast. Previous guests include Patrick O’Shaugnessy, Liz Ann Sonders, Barry Ritholtz, Federal Reserve Bank President Raphael Bostic, Dr. David Kelly, Mark Yusko, Annie Duke, Morgan Housel, Peter Zeihan, and Meb Faber. CFA Society Orlando is a member of the CFA Institute's Network of over 150 societies globally. The majority of its members hold the Chartered Financial Analyst (CFA) designation, which is considered the most respected and recognized investment management credential in the world. Fewer than 1 in 5 candidates who begin the program end up successfully earning the CFA charter. Successful candidates take an average of four years to complete the program.