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Michael Stutzer is Professor of Finance at the University of Colorado in Boulder. He was formerly a senior economist with the Federal Reserve, before becoming a finance professor at the University of Minnesota, where he also served on the board of investment advisors for the state’s public employee pension administrators. He has devoted much attention to improving financial advisors' ability to deliver useful investment long-term investment advice, to that end publishing three articles in the CFA Institute-sponsored Financial Analysts Journal : “A Portfolio Performance Index”, “Asset Allocation Without Unobservable Parameters”, and “The Misuse of Expected Returns”, which won two awards from the Institute.