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James Cloonan

author Image James B. Cloonan is founder and chairman of AAII. He is author of the book "Investing at Level3: Higher Returns With Minimal Risk for the Long-Term Individual Investor".

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 options. 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 Edie in Chicago.

Articles by this Author

  1. AAII Model Portfolios »

    Shadow Stock Portfolio Rewards Investors Who Stayed in Stocks

    The Model Shadow Stock Portfolio ended February above its pre–bear market high. Plus, see which two stocks were added to the portfolio.

    April 2011 | Journal

  2. AAII Model Portfolios »

    Model Mutual Fund Portfolio: Revisiting Fund Selection Rules

    Revisiting Fund Selection Rules: Increased market volatility may require tweaking one of the fund selection rules used for this portfolio

    March 2011 | Journal

  3. AAII Model Portfolios »

    Shadow Stock Portfolio Makes the Case for Buy and Hold

    The fourth-quarter rally helped to push the Shadow Stock Portfolio back up close to its pre-recession high. Plus, see the portfolio’s new additions.

    January 2011 | Journal

  4. AAII Model Portfolios »

    New Fund Added to the Model ETF Portfolio

    An exchange-traded fund that invests in master limited partnerships (MLPs) has been added. Find out what the ETF is and suggestions for allocating your portfolio.

    November 2010 | Journal

  5. AAII Model Portfolios »

    Shadow Stock Portfolio Performance Reflects Market’s Volatility

    The Model Shadow Stock Portfolio pared some of its gains over the summer, but still remained in positive territory year-to-date. Plus, a change was made to one of the portfolio’s sell rules.

    October 2010 | Journal

  6. AAII Model Portfolios »

    Bear Market Bites Model Fund Portfolio and Stock-Based Mutual Funds

    Weakness in May and June hurt the model fund portfolio’s return. Virtually all stock-based mutual funds now have negative three-year returns.

    August 2010 | Journal

  7. Shadow Stock Portfolio Up 14.9% in 2010 image

    AAII Model Portfolios »

    Shadow Stock Portfolio Up 14.9% in 2010

    The Shadow Stock Portfolio is posting good returns despite the market’s volatility. Plus, find out why changes were made to the portfolio’s holdings.

    July 2010 | Journal

  8. AAII Model Portfolios »

    Model ETF Portfolio: Real Estate Holdings Boost Performance

    The inclusion of a real estate component is helping the Model ETF Portfolio easily outperform its benchmark.

    May 2010 | Journal