Peter Stanyer is an independent investment economist, and advises a UK private wealth manager. He was previously chief investment officer of a US-based wealth management firm, a managing director at Merrill Lynch and investment director of the UK's Railways Pension Fund. He has also worked as an economist for the Bank of England and the IMF, and when at Cambridge University he won the Adam Smith prize for economics. Stephen Satchell is Economics Fellow at Trinity College Cambridge, and is a Professor at the University of Sydney. He is The Reader in Financial Econometrics (Emeritus) at Cambridge University, and is an Honorary Member of the Institute of Actuaries. He is an academic advisor to numerous financial institutions.