Peter Stanyer is an independent investment economist. 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. Masood Javaid was Senior Advisor in the Managing Director's Office to a large sovereign wealth fund. Prior to that, he held senior positions at Mercury Asset Management and Merrill Lynch, and managed the UK's Post Office and British Telecom pension fund assets. Stephen Satchell is Economics Fellow at Trinity College Cambridge. He is also The Reader in Financial Econometrics (Emeritus) at Cambridge University and an Honorary Member of the Institute of Actuaries.