The first words in a new magazine are crucial.

They set the tone and objectives of the publication, and should capture the ideas and spirit behind its creations. That is why I write to you, with all care and consideration, the words: Be Brave.

Launching an international magazine may seem a courageous undertaking in a time of economic turbulence. After all, it is expensive, and no matter how much analysis and preparation go into development, success is never guaranteed. Yet, in full awareness of the risks, we at Allianz Global Investors have confidentially pushed ahead with PROJECT M.

Why? First, we believe there is space for a magazine dedicated to retirement and investing issues. Many fine publications already to this. However, we believe that our global perspective, proven experience, and comprehensive network of experts and partners, in Allianz and in our markets, will provide readers with unique insights and thought-provoking ideas. You can look to PROJECT M to provide views and opinions from different perspectives and to serve as a forum of animated debated for our readers.

More fundamental, because it reflects our philosophy, pensions and retirement savings are not a short-term project. Grim as the current financial news may be, a long-term investor is aware that wild swings are part of the nature of markets. Although their causes may differ, such behavior can in principle be anticipated and planned for using strategies designed, developed and tested against sound risk models over years and decades,, not weeks and months. The parameters may change, but the objectives remain clear. Having confidence in the approach, long-term investors can be brave, and adhere to their course.

AnD this approach offers another advantage. The media is often so embroiled in the immediate that longer-term trends are lost in the cacophony of sound bites and headline. For example, take our unique cover art depicting the global real GDP growth for the past 30 years. From a global perspective, growth throughout the period has been strong. Certainly there are poor patches, such as after the dot-com bubble, but markets recovered, over-correlations rebalanced and growth powered on. Real GDP growth is discussed as part of the focus article. It is only one of the many challenging and engaging pieces you'll find in this, the premiere edition of PROJECT M.