Thursday, April 21, 2022

One April After the War by G.S. Boarman

 Please welcome G.S. Boatman author of One April After the War

G.S. Boarman will be awarding a $10 Amazon/BN GC to a randomly drawn winner via rafflecopter during the tour.


One April After the War

by G.S. Boarman

 

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GENRE: Historical Fiction

 

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INTERVIEW:


1. What or who inspired you to start writing?

There were two teachers – one in grade school and one college – and an elderly neighbor, who encouraged me to write, but it was years before an idea developed that almost demanded that I write. My seventh and eighth grade literature teacher once bluntly said, “You should write.” She was a great lady, who taught all my brothers and sisters, who came to our weddings and Christmas parties and to the funerals as well. It was after I wrote a brother’s obituary that she made that suggestion. Our neighbor who lived across the street from my childhood home moved to Florida and we began to correspond. I wrote an unusually long letter once and she wrote back, almost accusingly, “Your mother says you have flowers everywhere in your yard. Now let’s see you grow some words.” She, by the way, was a professor of sociology at UofL, so I took her opinions and comments very seriously. In college, I took a creative writing course, solely as a break from the heavier literature, history, and theology courses.  After one assignment was given, the professor pulled me aside and said that he expected me to write more than the 3-page assignment, because more was expected of me. I suspect he knew I was taking the course for an easy A, but he wanted to let me know that he would not allow that.


2. What elements are necessary components for this genre?

The elements for historical fiction are, in order of importance for myself: character, conflict, plot, theme, dialogue, setting, and world building. I think that what makes any novel or piece of writing truly interesting is what concerns us all: where do I belong, how do I fit in, what is my purpose; to use the name of a course I once took, Ultimate Questions. The rest, for me is window dressing, and it is how well you do the window dressing is what invites the reader in, but if there is little behind the window, they won’t stay. There was a coffee shop in Colonial Williamsburg that was resurrected on the spot of the original coffee shop in the historical town. My younger daughter and I were so excited to go there. We thought we could sit at a table and enjoy a coffee and watch the tourists walk up and down Duke of Gloucester Street on their way to or from the old Capitol. It was a beautiful exterior, full of colonial charm, but when we entered, we found that it was not a working coffee shop, but a museum where we were treated to a little tutorial about colonial coffee shops and then the offer to sip coffee as it would have been made back in the day. It was fact-filled and the young woman who hosted us was dressed appropriately for the 1700s and thankfully did not pepper her speech with ‘like’ and ‘you know’, but it was a dry experience. There was no fault to be attached to Colonial Williamsburg or the young lady, but it did not meet our expectations. That is how I view historical fiction that is dead-on with historical facts and fashions and even vocabulary, but if there is no universal, fundamental crisis of the character, it doesn’t appeal. 


3. How did you come up with your idea for your novel?

There were three separate events, occurring years apart, that eventually coalesced into the idea for a book, which then developed into a series of books. They are, in chronological order:

1.    My mother told me long ago, before she passed, that she had bought a book that traced the ancestry of our family. I was indeed able to trace our family history through my father’s mother. As I got closer to our time, I noticed that there were a lot of Mary’s in each family; often several sisters were named Mary and apparently “went” by their middle names. One such Mary stood out to me. She was one of my paternal grandmother’s cousins, with several sisters named Mary, but this Mary, whose middle name I will withhold for the time being, had noted off to the side “Lally.” I thought that was the sweetest nickname I’d ever heard. I decided then and there, that if I ever wrote a book, my character would be Lally. (Those of you of a certain age may be able to guess her middle name, the diminutive of which is Lally.)

2.    My older daughter has endured a kind of cascade of emotional/behavioral challenges, beginning almost from day One. Severe separation anxiety lasted well into her teens; the problem was so severe, she would vomit and cry if I had to leave her. She did not sleep through the night until she was 11 years old. But the real problems began in third grade when she suddenly had trouble with schoolwork, where before she had shone. The next year I began home-schooling her and her younger sister. She is incredibly smart – plays the piano by ear, has dabbled with the violin and guitar, can draw with the same accuracy as a camera takes a picture, writes, and has taken up painting. But getting her to do her homework was like pulling teeth; she just could not focus to do it. Finally, at age 17, she was diagnosed with ADD. By this time, she was just done with doctors and counsellors and perceived failures, and she just broke down one day and asked why this happened to her. Among other things, I said to think of the children whose parents could not afford the testing or the medication or even had the resources to research the problem. Then I said, “Think about the children who had this problem before anyone had a name for it.” It made me research the history of ADD.

3.    My younger daughter asked me what the Secret Service did. I am ashamed to say that I knew nothing more than that they protected the President. It made me research the Secret Service, and then counterfeiting.

Almost like a thunderclap, everything came together, and I had the germ of a story. After that it was research, research, research.

 

4. What would you want your readers to know about you that might not be in your bio?

GS Boarman is my pen name. Boarman is the ancient family name on my paternal grandmother’s side. My mother once gave me a book on the Boarman family ancestry, but I had never heard of the Boarmans before. It proved to be a very interesting book to read. Major William Boarman received at least 4000 acres of land in the colony of Maryland in the late 1600s, in consequence of some connection to the Calvert family whose head was Lord Baltimore. The Major married three times, siring 12 children (7 daughters and 6 sons). Major Boarman was unusual for his time in that he bequeathed even to his daughters decent parcels of land (400-500 acres each), bucking the entrenched English policy of primogeniture that dictated that all land be bequeathed to the firstborn son. Over the generations, all that acreage was divided and subdivided between the many descendants. The Boarmans spread out to the colony of Virginia and then into the then-county of Kentucky, where my family has lived for several generations now. My great-grandmother was a Boarman, and she married a Hughes. (I used Hughes for the name of the engineer of the private train in the books). As I researched the different towns along the route my characters would take, I came across one of the Boarman descendants, Commodore Charles Boarman, whose naval career began in the War of 1812 and extended past the Civil War, a 68-year career. He launched Commodore Perry’s expedition to Japan. It was the discovery of Commodore Boarman, living in retirement in Martinsburg, WV (central to events in Book III) that decided for me my penname. G and S are the initials of my children. I have modeled the Warner family after Commodore Boarman’s family – seven sons and six daughters.

 

I have always loved reading, but I really appreciate those books that require not only thought, but a little research as well; I appreciate being challenged to learn. Writing just became an extension of reading as I learned to read critically and then to translate that critical reading to an objective response (usually for a term paper or essay); even now, whenever I read, I find myself forming essay-like critiques in my mind.

 

I have one dog, two cats (Ygraine and Molly), and three turtles (River, found just out of the shell, and Dennis and Dipper). My older daughter also has a corn snake. Until two years ago, there were four dogs (a true pack) – three males and one female. I named our girl Lally (same as the main character in my books) and the boys were named by my daughters: Jack and Morty (litter mates) and Fry (after Philip J. Fry from Futurama; litter mate to Lally). Together, they were Lally and the Boys.

 

My rival passion to writing is gardening or, more accurately, landscaping (I have completely changed the elevations in my yard, built retaining walls, dug out a pond and another water feature that we call the canal, and created rooms throughout the yard). Gardening and writing are perfect complimentary passions since landscaping can only be done (as far as my tolerance to cold is concerned) during the warmer months. When it is too cold or rainy to work outside, I take up writing (and the research that goes with it).


5. As far as your writing goes, what are your future plans?

The first three books cover events in 1870; taken together, I consider these a single unit, the inaugural story of a series that will cover the decade 1870-1880. I am currently working on the fourth book of what I project will be a total of 12 books.


6. Can you give us a sneak peek into this book?

Excerpts for each book can be found at my website, gsboarman.com, but I will give a different excerpt here:

It was as they were in the private rooms the District Attorney kept at the Burnet Hotel (so conveniently located next to the Post-Office Building wherein were housed the United States courts), quietly sipping the attorney’s private stock of whiskey – private, because it was Kentucky bourbon and not the native and therefor more patriotic Cincinnati whiskey so reviled in Louisville – that another courier brought to them another note. Argent remarked a little condescendingly as he accepted the note, “Miss Warner probably intends to hold us exactly to the twenty-four-hour extension she granted us.” The mild curiosity on his face quickly transmogrified into alarm and even terror as he read the note.

 

Merritt carefully placed his unfinished drink on the desk. “What is in the note? Is it from M?”

 

“No,” Argent breathed, but Merritt wasn’t sure if it was in answer to his question or in response to the contents of the note. “No,” Argent repeated more forcefully, then, “No, no, no.” Argent had risen from his seat as he said this, and Merritt followed him to his feet. Argent left without a word, leaving Merritt to excuse both himself and Argent from the attorney’s hospitality.

 

Argent was striding ahead of Merritt, heedless of the looks as he brusquely pushed passed people in his path. Merritt hurried to catch up with Argent, asking, “Shall I hail a carriage?”

 

Argent never slowed in his pace or softened in his determination to shoulder past the other pedestrians. Merritt often had to step behind Argent to avoid toppling on-coming passersby into the street. Finally, there was an opening in the sidewalk traffic, and Merritt was able to walk abreast of Argent and hear the news.

 

“This note,” Argent said between gritted teeth and fiercely waving the note at Merritt, “this note was written more than three hours ago, and it was just now delivered to us.” Merritt retrieved the note from Argent’s angry waves and read it as Argent simultaneously explained its content. “Miss Warner was arrested nearly four hours ago for disorderly conduct and indecent exposure.”

 

Merritt rarely expressed real surprise or astonishment, but in this instance, he repeated rather loudly, “Indecent exposure?!” earning him suspicious looks from several passersby. Lowering his voice, he said, “There must be some mistake. M can hardly bring herself to speak to other people, much less engage in lewd behavior.”

 

“No, I can’t believe it of her, either; but she has been in custody these four hours, and according to that note, she was due to be transferred to the workhouse an hour ago, if she could not find the means to pay her bail.”

 

“And her baggage wherein she keeps her money is at Scott’s Landing.”

 

“As are our own.” They had elected to deceive M into staying ever longer in Cincinnati by feigning problems with the luggage retrieval. The truth was that, other than the locked trunk with its evidence, they had never requested the return of their baggage (though they had insisted on its security), certain they could still get Miss Warner on the M&C and on their way to Washington. They (and M) had been living out of their grip bags ever since. Their deceit was coming back around to trip them. “Hopefully between us we can manage her bail and get her out of there. If she has not already been sent ahead to the workhouse.”

 

“The Workhouse.” Though they were striding at a very fast pace, Merritt managed to say the ominous words slowly. The wind blew dust and grit into his mouth and eyes. Merritt now understood Argent’s repeated ‘no’ – someone with M’s pride would find the shame and humiliation unbearable – almost anyone would. And Merritt saw a great cascade of repercussions for her in Louisville from such ignominy – the event, of course, would be printed in the papers; and certainly, least of all for themselves, her quite understandable desire to return home, and never, neverleave again.

 

Argent said, “She will never forgive us for taking so long to come to her aid.”


7. When did you first decide to submit your work? Please tell us what or who encouraged you to take this big step?

Originally, my intent was to write a single book as an exercise, as a personal pleasure. I would type it up, take it to Staples to have it bound, and make two copies (one for each daughter). They could read it or not, but I hoped it would serve to show them that I was more than just Mom, that I had personal pursuits and desires that had nothing to do with the house or yard or even them, much as I love them. But as I began to write and to do the supporting research, I began to feel that I might be able to write something worth publishing. I went back and forth on whether it should remain a personal project or subject it to criticism. Often I thought what makes me think I could be publishable and the response was invariably, Why not me? I had to overcome a good deal of impostor syndrome (and I still struggle with it), but I finally just decided to give it a try and have the response to my submission decide once and for all whether I should pursue the project and hope for a career as a writer. No one encouraged me to submit the manuscript; no one except my dearest friend and my daughters knew that I was writing anything. I wrestled with that demon on my own. 


8. Do you outline your books or just start writing?

This is my first foray into public writing, so I can’t say that I have any usual plan of attack. In this case, after I had my thunderclap moment, I sat on the front porch swing for almost two weeks one summer and hammered out an outline. Once that was done, I started doing research and within a short time my original outline was outdated: what had been conceived as one book became a series of 10 or more books. That first outline was segmented into ten separate outlines, and those were fleshed out with notes and glosses as I conducted the research.


9. How do you maintain your creativity?

I thoroughly enjoy the research. When I find something of interest, no matter how minor, it sparks a kind of joy and energy in me and I find I lose track of time. Sometimes I come across tidbits during research that make me feel that I was meantto write these books, that these are clues I was meant to find. Those little found gems help enliven creativity.

 

10. Anything else you might want to add?
I realized a few months ago that April of 1870 (the time of the first three books) is exactly mirrored in April 2022: in both years April starts on a Friday and Easter is on April 17, and the full moon is off only by one day. I have appended a calendar designed specifically for this first book. So if you want to follow the characters in “real” time, have a copy on hand April 1.

 




BLURB:

 

When Mary Warner is requested to attend a meeting with her estranged godfather, President Ulysses S. Grant, she quickly finds that an invitation from the office of the President is an offer she can’t refuse.

 

Fresh from concluding a counterfeiting sting in Cincinnati, Secret Service agents Merritt and Argent are tasked by the President to convince Miss Warner to return with them to Washington, D. C. For the two Treasury agents, this simple assignment to escort the socially awkward and willful young woman on an 800-mile railroad journey from Louisville, Kentucky to the White House proves far more interesting and difficult than the men could have ever thought possible. And, in the face of danger, it may just turn out that Mary is more of an asset than a problem for the two agents.

 

For Mary Warner, the trip begins to take on a sinister meaning as she finds herself virtual prisoner to Merritt and Argent. Madness, morality, and murder all swirl in a strange April storm at midnight turning this odd odyssey into something so much more than a mere trip between cities.

 

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EXCERPT:

 

She was always slow to realize the magnitude or importance or sacrifice of any kindness or gesture, and now she realized, years too late, that in the middle of a war, with sons dying and stretched between the demands of both the farm and his duty to the Union, her father had stopped for a moment to collect this picture for her. More and more, with each year added to her age, she was beginning to see herself as perhaps others had always seen her – selfish and ungrateful and incapable of natural feelings.

 


 

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AUTHOR Bio and Links:

 

After the death of G. S. Boarman, a great niece cleaned out the old Kentucky family farmhouse and in the attic, amid the rusting coffee mill, the rickety outdated furniture that was still awaiting repairs, and the stacks of vermin-eaten Harper’s Weekly’s and Police Gazette’s, she found a curious box marked simply “M”.

 

On the kitchen floor, the metal hasps were flipped back and the top pried off. Lying on the top of a very neat and orderly collection of things was a scrapbook and lying loose inside the scrap book was a note that said simply, “Please finish the story.” The scrapbook itself contained a rough outline of a narrative with sometimes undecipherable glosses and cryptic references to mysterious sources.

 

From letters and notebooks, ledgers and calendars, train schedules and stockholders’ reports, the story was slowly extracted and pieced together, and the small treasures, carefully wrapped and preserved in the box, took their place in the narrative.

 

Boarman’s will had already been read, probated, and executed, but the niece, as executrix, felt obligated to fulfill Boarman’s last wish — to breathe life into the long-ago story of a woman who held some importance to Boarman.

 

Website: https://www.gsboarman.com/

 

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GIVEAWAY INFORMATION and RAFFLECOPTER CODE

 

G.S. Boarman will be awarding a $10 Amazon/BN GC to a randomly drawn winner via rafflecopter during the tour.

 

RAFFLECOPTER:

 

http://www.rafflecopter.com/rafl/display/28e4345f4128


Tuesday, April 19, 2022

Blood of Azure Series by Jonathan J. Michael

 Please welcome Jonathan J. Michael author of Blood of Azure Series 

One randomly chosen winner via rafflecopter will win a $50 Amazon/BN.com gift card.


Blood of Azure Series

by Jonathan J. Michael

 

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GENRE: Epic Fantasy

 

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INTERVIEW:


Do you ever wish you were someone else? Who?

I don’t really wish to be anyone else. Sometimes I imaginewhat it would be like to be somebody else, though. For example, could you imagine being Elon Musk an entrepreneur who sends people to space? What his days must be like… [pondering a billionaire’s lifestyle] Or JK Rowling. To write a series and have it explode into an enterprise. I would be intimidated by my own life if I were either of these people. So, no, I don’t wish to be anyone else. Maybe just a taller version of myself with my own experiences.

 

What did you do on your last birthday?

Am I supposed to remember my last birthday? Haha. It was my 38th, and I’m pretty sure I stuck to my routine for most of it. Woke up around 5:30am. Wrote or worked on something writing related for an hour and a half, then started the day job. However, I did start on my epic journey of ditching the day job and the writing career to become a dance fighter. I was introduced to Beat Saber on the Oculus VR gaming system. And I’m proud to say my dance fighting skills have improved tremendously.

 

What part of the writing process do you dread?

Keyword: writing. There is such a larger process to publishing a book that most aspiring authors won’t fathom and can only trip and stumble over themselves. That’s my experience in the self-publishing market, anyhow. But if we’re sticking to the writingprocess, the part I dread the most is keeping track of the little details I’ve written. Thus far in my writing journey, I’ve only written epics, and when you’ve exceeded two hundred thousand words in one book, it can be a daunting task to remember were his eyes blue or grey?; did he lose his left hand or right?; or did she learn how to use her magic in chapter 10 or 16?I overcome this by keeping track of little details in a scene list spreadsheet. I keep track of details such as chapter number, chapter description, important interactions, character descriptions, characters mentioned, etc. It’s part of the writing process, but not writing. Just extra work to keep me on track.

 

Do you ever suffer from writer’s block? If so, what do you do about it?

In my experience, writer’s block is nonexistent. Let’s imagine what it would be like, however. To write anything, anything at all, all you must do is think of some words (preferably a complete sentence) and put them on the page. It doesn’t even have to make sense to anyone at first because you’re telling yourself the story, and in turn promoting inspiration as you go. So, I can only imagine, if someone has a case of writer’s block, in reality, it is something more detrimental to their mental health causing the issue. But then again, if a writer isexperiencing something detrimental to their health, writing about it could be the remedy. And a great story at their own expense. For me, though, I’ve never experienced it. I also don’t write a dozen books a year, so maybe when I pick up the pace and need to produce more, faster, this might take effect.

 

Tell us about your latest release.

My latest release is book two in my debut series, Blood of Azure. Being that nobody wants to start with book two, let’s discuss the series as a whole.

Blood of Azure is an epic fantasy with much of the inspiration coming from nature and science. I’ve realized I’m an explorer at heart, and anytime I read an epic fantasy I’m always wanting to guide the characters in different directions to check out the unexplored world. So, I had to make sure my characters treaded through much of the vibrant terrain in the world of Azure where the waters are red, the sky is blue, and the wildlife is both exotic and familiar.

Beyond the physical world, Azure is loaded with culture, religion, a touch of political intrigue, and what I like to believe is a rather unique magic system. There are many epics out there that I haven’t read, but to the best of my knowledge, this is one of a kind. The magic (known as seasonal sciences) is bound to the seasons, as are the people. Race is not determined by physical attributes, but by the season they are born in, which also dictates the magical abilities they wield. Spring-born have the ability to heal; summer the gift of growth; autumn the power of decay; and winter the skill of dormancy.

And what about the characters. I’m afraid I’ve taken the George R.R. Martin approach here with too many. They interchange a bit from book to book. Four protagonists strive to recover Azure’s balance and while the antagonists create obstacles at every level of their adventure. You’ll find many common fantasy tropes, and a few turned upside down: a reluctant hero, a rising champion (self-proclaimed), a lost shadow; a broken disciple; a raging avenger; an impostor mother; and a maniacal vigilante; along with supporting cast.

It's a series that isn’t light for heart, however. There are some graphic scenes and explicit language, in addition to faith and good values. The overarching theme being balance. Four seasons to balance the world. Four sages to balance the life.





BLURB:

 


 

BLURB: SEASON OF SACRIFICE, BOOK 1

 

Courage is for the bold. It is not for Stone McLarin. He’s been in hiding for four seasons after being orphaned by the Taoiseach. He doesn’t care for the heroic antics of avenging his parent’s death or securing his freedom. He only desires one thing—to protect his sister’s life.

 

This proves challenging when his sister, Jaymes, possesses a rivaling power of decay to that of the tyrant ruler’s. She’s a threat to his dominance, and there will be no escaping his shadow.

 

When the Taoiseach manipulates his way into Jaymes’s life and steals her away, Stone has no choice but to follow. He must venture into the heart of the tyrant’s domain and figure out how to penetrate the impenetrable. And if he succeeds there, he will have to slay the most powerful man in Azure.

 

In a world ruled by decay, what chance does life stand?

 

Season of Sacrifice is part one of the Blood of Azure series—an epic fantasy full of grim encounters, heroic adventures, unique magic, and a captivating world to explore.

 

Author’s Note: Contains explicit language and some graphic descriptions.

 


 

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EXCERPT:

 

EXCERPT I: SEASON OF SACRIFICE – GOOSE

 

My heart beats heavier. I inhale and, with the back of my hand, brush a drop of sweat that has found its way down my forehead. I know what these tracks be-long to. But why now? Am I projecting my ambitions—to slay a Creature of the Night? I grab a handful of Everweed from the ground and reluctantly head in the direction of the trampled vegetation.

 

My experience with these beasts is nonexistent, but then again, there isn’t another who can claim otherwise. They’re the type of animal man stays far away from, which was the primary reason for choosing this location as a refuge. We chose to risk being mauled by the Creatures of the Night over the public execution we would have inevitably encountered by hiding in a small village. Some would consider us the biggest halfwits in all of Vedora, all of Azure even, for making the decision we made, but I know Harris Martelli personally, and the fact he is capable of persuading a strong-willed and morally sound man like my father to do what he did is far more threatening than any beast living in the wood.

 


 

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AUTHOR Bio and Links:

 

Jonathan J Michael was born and raised in the greater Seattle area in the scenic state of Washington. Jonathan is an advocate of science, nature, and exploration, which has a heavy influence in his debut series, Blood of Azure.

 

When I drive down the freeway, I often want to veer onto the backroads and head for the mountains. When I'm at an evening gathering, I'm eager to step outside and gaze at the stars. When I'm on a ferry, I'm at the guardrail staring into the depths wondering what kind of leviathans lurk below. I'm an explorer, and since I'm not on the next Crew Dragon headed for the ISS, fantasy novels let me have what I seek. I write to explore a world of wonder.

~ Jonathan

 

SOCIAL LINKS

Website: https://jonathanjmichael.com/

Facebook: https://www.facebook.com/jonathan.j.michael.author

Instagram: https://www.instagram.com/jonathan_j_michael/

 

BUY LINKS

Season of Sacrifice – Amazon: https://www.amazon.com/dp/B08T1XV54W

Season of Suffering – Amazon: https://www.amazon.com/dp/B09NSM62N8

 

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GIVEAWAY INFORMATION and RAFFLECOPTER CODE

 

One randomly chosen winner via rafflecopter will win a $50 Amazon/BN.com gift card.

 

http://www.rafflecopter.com/rafl/display/28e4345f4139



Friday, April 15, 2022

The Investment Committee Guide to Prudence Increasing the Odds of Success When Fulfilling Your Fiduciary Responsibilities in the Administration of Pension/Investment Assets by Jonathan J. Woolverton, CFA

 Please welcome Jonathan J. Woolverton, CFA author of The Investment Committee Guide to Prudence Increasing the Odds of Success When Fulfilling Your Fiduciary Responsibilities in the Administration of Pension/Investment Assets

Jonathan J. Woolverton, CFA will be awarding a $15 Amazon or B/N GC to a randomly drawn winner via rafflecopter during the tour.


The Investment Committee Guide to Prudence

Increasing the Odds of Success When Fulfilling Your Fiduciary Responsibilities in the Administration of Pension/Investment Assets

by Jonathan J. Woolverton, CFA

 

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GENRE: Non-Fiction

 

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BLURB:

 

JJ's investment career spans more than five decades. He has been the chief investment strategist for a pension plan sponsor, a managing director and senior consultant within a global investment planning consultant firm, and a managing director and chief operating officer of an investment management organization. Over his career, JJ has attended well over a thousand investment committee meetings as a plan sponsor, a consultant, and a money manager. In the majority of these meetings, he has found that committee members lack three things: in-depth investment expertise to effectively carry out their fiduciary responsibilities, the necessary time allocation to administer and manage the investment program in the best interests of the beneficiaries, and the ability to develop an efficient monitoring system to hold all service providers accountable for the products and services they provide.

 

This book outlines the steps to be taken in establishing investment policy; formulating asset mix strategy; creating an appropriate investment management structure; undertaking investment manager searches; and highlighting the conflicts of interest, biases, and self-interests of the various service providers.

 

This book is designed to assist members of investment committees in their role as fiduciaries/trustees/administrators.

 

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EXCERPTS :

 

RISK AND RETURN TRADE-OFF

 

One of the most difficult tasks for any plan sponsor to address is in determining the “optimum” balance between risk and reward (or, as close to optimal as possible). What makes this difficult is that both risk levels and return objectives change over time. The good news is that the risk levels of the various asset classes are more predictable and stable through time than returns are—and, when risk levels do change over time, they do so very gradually. The relative volatilities of the various asset classes have been fairly consistent over the past 40 or so years. This trend alone enables (even dictates) a risk-based foundation for developing investment policy.

 

Furthermore, the correlations between asset classes are also somewhat predictable and fairly constant over time. When correlations do drift, they generally move closer together in down markets, which, unfortunately, results in lower diversification benefits when most needed.

 

Return expectations are more difficult to predict—specifically, over shorter-term time horizons. However, given that most pension funds and some investment funds are generally long-term in nature and have relatively low liquidity requirements, longer-term return expectations for both traditional equity-oriented asset classes and fixed-income investments allow for fairly reasonable educated “guesses”—although there are distinct 10- to 20-year “eras” or “regimes” in history in which returns have deviated significantly from historical averages.

 

When predicting asset class returns, there are both risks and uncertainties associated with the outcomes. The components of the capital market can deviate from their long-term averages for a significant period of time; therefore, one should distinguish between “risks” (which have somewhat reasonable models to predict potential frequency and magnitude) and “uncertainties” (which can be identified but for which no reliable models exist). Dealing with uncertainties requires building, testing, and weighing alternative scenarios for the future, rather than relying on only statistical models and history.

 

Risk Appetite

 

To state the obvious, and as has been observed repeatedly, pretty much all investors are risk averse (i.e., one unit of potential downside carries more weight than one unit of potential upside). Determining the degree of this risk aversion is what’s required. What makes this difficult is coming up with an agreed-upon definition of “relative risk.” Risk has different meanings for each party associated with the investment fund:

 

• the plan sponsor might define risk as not achieving the goals and objectives of the fund—which could result in a cash infusion or reduced benefits;

 

• the investment planning consultant or actuary might define risk from a capital market perspective and focus on the balance between equity-type securities and fixed-income investments; and,

 

• the money manager may define overall risk as deviating too far from the designated performance benchmark or the performance of peers (and, of course, being fired).

 

So, risk has different meanings to different parties—and the degree of risk to each party may change over the timeframe given.

 

 

 

 

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AUTHOR Bio and Links:

 

Jonathan J. Woolverton, CFA, has spent his whole career in the investment field—over fifty years. After graduating from university in Pennsylvania, he moved to Toronto, Canada, where he began his career in the investment department of an insurance company. In his role as investment officer he was responsible for formulating investment strategy and overseeing all investments within the equity and fixed-income divisions. JJ later joined Ontario Hydro as their chief investment strategist where all pension funds were managed internally. 

JJ left the money management business to become an investment planning consultant. He was a founding partner and managing director of Frank Russell Canada. He moved back to the money management side as the managing director and chief operating officer of Guardian Capital Inc. JJ graduated from Westminster College with a BBA and achieved his Chartered Financial Analyst certification. JJ has published numerous articles on the pension and investment industries and has been the keynote speaker at many conferences and seminars.

 

CONNECT WITH Jonathan J. Woolverton

 

WEBSITE - Jonathan J. Woolverton, CFA – Author Website (jjwoolverton.com)

 

GOODREADS - Jonathan Woolverton (Author of The Investment Committee Guide to Prudence) | Goodreads

 

PURCHASE LINKS THE INVESTMENT COMMITTEE GUIDE TO PRUDENCE

                        

AMAZON.COM - https://amazon.com/dp/0228861594 

 

AMAZON.CA - https://amazon.ca/dp/0228861594 

 

AMAZON KINDLE - https://amazon.com/dp/B09PGSP1Q9 

 

INDIGO CHAPTERS - https://www.chapters.indigo.ca/en-ca/books/the-investment-committee-guide-to/9780228861591-item.html

 

BARNES & NOBLE - https://www.barnesandnoble.com/w/the-investment-committee-guide-to-prudence-cfa-jonathan-j-woolverton/1140839660

 

APPLE IBOOKS - https://books.apple.com/us/book/the-investment-committee-guide-to-prudence-increasing/id1603529759

 

SMASHWORDS - https://www.smashwords.com/books/view/1124083 

 

 

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GIVEAWAY INFORMATION and RAFFLECOPTER CODE

 

Jonathan J. Woolverton, CFA will be awarding a $15 Amazon or B/N GC to a randomly drawn winner via rafflecopter during the tour.

 

http://www.rafflecopter.com/rafl/display/28e4345f4164