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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 »

    Model Shadow Stock Portfolio Reaches an All-Time High

    A rally in micro-cap stocks helped drive the portfolio’s cumulative return to an all-time high. Plus, read about the portfolio’s latest changes.

    April 2012 | Journal

  2. AAII Model Portfolios »

    Model Mutual Fund and ETF Portfolios: Value and Small Stocks Impact Returns

    Value stocks and small-cap stocks have superior long-term performance but hurt the portfolios’ returns last year.

    March 2012 | Journal

  3. AAII Model Portfolios »

    Model Shadow Stock Portfolio: Up Modestly During an Atypical Year

    Though the market did not enjoy its typical pre-election-year rally, the Model Shadow Stock Portfolio ended November with a year-to-date gain.

    January 2012 | Journal

  4. AAII Model Portfolios »

    Model Mutual Fund and ETF Portfolios: Waiting for Value and Small-Cap to Improve

    Growth and large-cap stocks have recently outperformed value and small-cap stocks, hurting the relative performance of our model portfolios.

    November 2011 | Journal

  5. 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

  6. 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

  7. 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

  8. 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