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James Cloonan

author Image James B. Cloonan is founder and chairman of AAII.

Articles by this Author


James B. Cloonan earned his MBA from the University of Chicago and his B.A. and Ph.D. from Northwestern University. After teaching for several years in 1974 he helped found and served as CEO of Heinold Securities, a brokerage firm specializing in derivatives. After selling his interest in that firm, he returned to teaching and began the preliminary work leading to the founding of the American Association of Individual Investors in 1978 and is currently chairman of AAII.

Cloonan is the author of books and articles on investing and writes the Model Portfolios column for the AAII Journal. He created and manages the Model Shadow Stock Portfolio, which has realized an annualized return of over 15% for the past 23 years.

Cloonan has served on several industry and regulatory panels, including the Consumer Advisory Council of the National Futures Association, the Advisory Panel on Securities Markets and Information Technology of the Congressional Office of Technology Assessment, the NASD Special Committee on the Quality of Markets, the New York Stock Exchange Panel on Market Volatility and Investor Confidence, the Chicago Mercantile Exchange Financial Instruments Advisors Committee, the New York Stock Exchange Individual Investors Advisory Committee, and The Consumer Affairs Advisory Committee of the Securities and Exchange Commission.

He lives with his wife Edythe in Chicago.

Articles by this Author

  1. Matter of Opinion »

    Model Fund Portfolio Update: How to Deal With the Issue of Fund Closings

    Feature: The semiannual update reviews the performance of the Fund Portfolio, provides a complete list of the current holdings, and details changes to the portfolio, as well as changes to the selection criteria and the recommendation process.

    August 2004 | Journal

  2. Matter of Opinion »

    Adjusting to Reality When Managing a Small-Cap Value Portfolio

    Feature: A quarterly update on the Individual Investor's Shadow Stock Portfolio.

    July 2004 | Journal

  3. Matter of Opinion »

    AAII's Shadow Stock Portfolio: An Update

    AAII's do-it-yourself approach to nano-cap stocks is holding its own.

    April 2004 | Journal

  4. AAII Model Portfolios »

    Why Well-Designed Portfolios Don't Depend on Cap Size and Style Categories

    A look at the Individual Investor's Mutual Fund Portfolio--how it performed and its investment characteristics.

    February 2004 | Journal

  5. AAII Model Portfolios »

    What's UP? AAII's Shadow Stock Portfolio

    A strong close to last year bodes well for 2004: A performance and composition update on the AAII Shadow Stock Portfolio.

    January 2004 | Journal

  6. AAII Model Portfolios »

    Focus on the Individual Investor's Shadow Stock Portfolio

    Presenting a model stock portfolio that can be the beginning of the selection process, but not all of it. There are many ways the strategy can be implemented without everyone buying the exact same stocks.

    November 2003 | Journal

  7. A Matter of Opinion »

    New From AAII: Specific Guidance on Stock and Fund Selection

    AAII Chairman Jim Cloonan expands coverage of the model stock portfolio and constructs a model mutual fund portfolio. Both share the same philosophy: consistency, risk control and selections that are best for individuals rather than institutions.

    September 2003 | Journal

  8. A Matter of Opinion »

    The AAII Beginner's Portfolio: An Annual Performance Review

    Over the last 10-year period, the Beginner's Portfolio has beaten the S&P 500, the Russell 2000, and the micro-cap index. This confirms what historical research has shown: Over the long run, small-cap stocks, on average, have higher returns.

    April 2003 | Journal