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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. AAII Model Portfolios »

    Record Market Volatility Affects Model Shadow Stock Portfolio

    High levels of volatility caused the portfolio to show a year-to-date loss at the end of August. Read about the latest changes and see James’ latest commentary.

    October 2011 | Journal

  2. AAII Model Portfolios »

    Model Mutual Fund and ETF Portfolios: Combined Update, Different Strategies

    Both model portfolios are covered in a combined update. Learn how the two strategies differ, and see the new additions to the Model Mutual Fund Portfolio.

    August 2011 | Journal

  3. AAII Model Portfolios »

    Shadow Stock Gains Limited by Pause in Small-Cap Stocks

    The Model Shadow Stock Portfolio rose 2% since the last update. Two holdings were replaced with new stocks.

    July 2011 | Journal

  4. AAII Model Portfolios »

    Model ETF Portfolio Versus Benchmark: More Diversification, Similar Returns

    Real estate has been volatile, but it has added to the Model ETF Portfolio’s diversification without adversely affecting long-term performance.

    May 2011 | Journal

  5. 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

  6. 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

  7. 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

  8. 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