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 Britain's Railways Pension Fund. Masood Javaid is 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 Britain's Post Office and British Telecom pension fund assets in the 1990s. He was also an Assistant Professor in Finance and Financial Economics at Warwick Business School. Stephen Satchell is Economics Fellow at Trinity College Cambridge. 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.