model based approach, 301-306, 309 multiperiod attribution, 311 Sinquefield, Rex, 45 60/40 plans, 414 Skill classes, 502 Slope coefficients, in performance measurement, 275-276 Small-cap stocks, 198, 364, 425-426 Sovereign bonds, 99, 464 Sovereign debt, 441 Specialty funds, 583 Spectrum strategy, defined, 192 Spending policy, 540-541, 545, 562 Spiders, 389-390 Spreadsheet applications, 74, 161 Stale pricing exception reports, 293 Standard & Poor's, 351, 438 Standard & Poor's Depositary Receipts (SPDRs), 389-390 Standard deviations, 107, 120, 228, 230, 273, 275, 353-354, 377, 379, 413 Start-up companies, 517-518 Static analysis, 113-115 Stationarity, covariance matrix estimation, 228 Statistical factors, 341 Step-up in basis, 538-539, 567, 579 Stereotyping, 418 Sterling, 142, 147, 151 Stewardship, 555 Stock positions, concentrated, 592-593 Stock recommendation anomaly, 421 Stock selection, see Securities selection country, 324 international portfolios, 326 return attribution, 300, 304, 307-308 strategies, 221-222 Stock-specific returns, 338 Stock swap, 538 Strategic asset allocation: decision points, 104-105 dynamic analysis, 125-126 equilibrium approach benefits, 108-109 funding probabilities, 128-130 hedge funds, 483-500 investment decisions, 112-113 modeling liabilities, 111-112 required returns, 126-128 risk and return assumptions, 115-125 standard framework applications, 105-107 static analysis, 113-115 uncertain liabilities, 110-111 uncorrelated assets, 163-166, 168 Stratified sampling, 428 Strengths, weaknesses, opportunities, and threats (SWOT) analysis, 253 Stress test, 30-32 Structural inefficiency, 188 Structured active management, 26 Structured investments, 198-199 Structured management: selection factors, 202-203, 205-210 traditional management compared with, 193-197 Style bias, 428 Style drift, 263, 514 Subsidies, 539 Supply and demand, 3, 44, 49, 65, 511 Surplus risk, 117-120,133-134 Survivorship bias, 46, 181-182, 487 Swap contracts, 60, 293, 468 Swap yield curve, 436 Swing portfolio, 414-415, 472 Systematic risk, 393 Tactical asset allocation (TAA), 456, 458,465,474,478,482 Tactical trading, hedge funds, 490, 494 TASS Research, 495, 504, 508 Taxation, see specific types of taxes equilibrium approach, 6 global tactical asset allocation, 459 liabilities, 534 tax rates, 52, 542, 547-548, 553, 586-587