Diversification is giving better returns without necessarily higher volatility, so the diversification is really the key to this. Chief Actuary Jean-Claude Menard More Quotes by Chief Actuary Jean-Claude Menard More Quotes From Chief Actuary Jean-Claude Menard The phasing-in period is over seven years – the main reason for that is to reduce the impact on small businesses and workers, it also gives time for CPPIB to further discuss these important questions. Chief Actuary Jean-Claude Menard money We can make a case that we might want an investment policy that will generate less volatile results. Chief Actuary Jean-Claude Menard money The empirical evidence is telling us that stocks are one of the most volatile investments. The less volatile are money market instruments, but at the same the returns are very low. Chief Actuary Jean-Claude Menard money