CFA Institute Names Top Financial Analysts Journal Articles with Annual Graham and Dodd Awards Best article of 2015 contributes to addressing the retirement crisis by proposing a dynamic spending rule that prevents retirees from running out of money by making their income during retirement fluctuate with asset values

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New York , , , 8 March 2016

CFA Institute, the global association of investment management professionals, announces the results of the 2015 Graham and Dodd Awards, a program honoring the top articles published in the Financial Analysts Journal each year. “The Only Spending Rule Article You Will Ever Need” by M. Barton Waring and Laurence B. Siegel received the top award. The article appeared in the January/February 2015 issue, a special issue on retirement security that marked the 70th anniversary of the Journal. The article’s contribution is to use the annuity technique to determine the maximum income that retirees can withdraw each year without facing the risk of running out of money. The authors call their proposed spending rule an annually recalculated virtual annuity (ARVA). They explain and illustrate the mechanics of the ARVA, which allows retirees to recalculate each year how much they can spend based on their life expectancy and the current value of their retirement portfolio.

Barbara S. Petitt, CFA, managing editor of the Financial Analysts Journal, commented: “I am pleased that the Journal’s Advisory Council and Editorial Board chose to honor an article that plays a role in addressing the retirement crisis. Retirement security is one of the themes of the CFA Institute Future of Finance initiative, and the Financial Analysts Journal is well positioned not only to advance the knowledge and understanding of the challenges of achieving retirement security but also to offer practical solutions to these challenges. This article, which is written in language accessible to investors, should thus be valuable to them and their advisers.”

The Financial Analysts Journal’s Advisory Council and Editorial Board recognized the contribution of three other articles by awarding two Scroll Awards and a Best Perspectives award. The Scroll Awards were given to:

The Best Perspectives award was given to “The British Origins of the US Endowment Model” by David Chambers and Elroy Dimson (March/April 2015).

Readers of the Financial Analysts Journal also selected their favorite article of the year, “Low-Volatility Cycles: The Influence of Valuation and Momentum on Low-Volatility Portfolios” by Luis Garcia-Feijóo, CFA, CIPM, Lawrence Kochard, CFA, Rodney N. Sullivan, CFA and Peng Wang, CFA (May/June 2015). Dr. Kochard and Mr. Wang will receive the Readers’ Choice Award for the article; because of their editorial involvement with the Journal, Dr. Garcia-Feijóo and Mr. Sullivan were recused from the peer-review and acceptance processes and are ineligible to receive the award.

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CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute has over 148,000 members in 163 countries and territories, including 142,000 CFA charterholders, and 148 member societies. For more information, visit

Financial Analysts Journal

The Financial Analysts Journal is a flagship publication of CFA Institute. It is published quarterly and its mission is to advance the knowledge and understanding of the practice of investment management through the publication of high-quality, practitioner-relevant research articles. It also features thought-provoking opinion pieces that advance the common level of discourse within the investment management profession. For more information, visit

Graham and Dodd Award

The Graham and Dodd Awards were created in 1960 to recognize excellence in research and financial writing and to honor Benjamin Graham and David L. Dodd for their enduring contributions to the field of financial analysis. The award-winning articles may be accessed online at no cost via