A. Craig MacKinlay, PhD, has served PMA as a Senior Investment Strategist since January 2011. He is the Joseph P. Wargrove Professor of Finance at the Wharton School of the University of Pennsylvania where he has been a faculty member since 1984. He is a member of the Journal of Investment Consulting Advisory Board, and a former member of the Board of Directors of the American Finance Association and the NASD Economic Advisory Board. Professor MacKinlay has coauthored two books and has published in numerous journals. His honors include the Inaugural Eugene Fama Prize for Outstanding Contributions to Doctoral Education, the Paul A. Samuleson Award for Outstanding Scholarly Writing on Lifelong Financial Security, the Oxford University Press Century Publication Celebration 100 Best Papers of All Time Award, and the Journal of Financial Economics All Star Paper designation. Professor MacKinlay is also a past winner of a Wharton Undergraduate Excellence in Teaching Award.