A cutting-edge look at the endowment model of investing
Many larger endowments and foundations have adopted a broadlydiversified asset allocation strategy with only a small amount oftraditional U.S. equities and bonds. This technique, known as the’endowment model of investing, ‘ has demonstrated consistentlong-term performance and attracted the attention of numerousinstitutional and individual investors.
With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model withcustomary research sophistication and attention to detail.Throughout the book, they examine how the model provides trulyoutstanding real returns, while keeping a close eye on the risksassociated with this method of investing. Along the way, theauthors offer practical advice on incorporating the endowment modelinto your own investment endeavors and reveal what it takes to makethis method work in the real world.
* Details the growing debate about the endowment model ofinvesting and discusses how to use it successfully
* Written by an authority on endowment investing andnon-traditional asset allocation strategies
* Offers expert insights on understanding risk and return in nontraditional asset allocation
If you want to gain a better grasp of one of the most successfulforms of investing, then The Endowment Model of Investing isa book you need to read.
Despre autor
Martin L. Leibowitz is Managing Director in the U.S.Research Department at Morgan Stanley. Prior to working at Morgan Stanley, he was vice chairman and chief investment officer of TIAA-CREF. Leibowitz is a leading authority in the fields ofsecurity analysis and portfolio allocation. He is the author offour books, including Franchise Value, and 138 articles, eight of which have won the prestigious Graham and Dodd Award forexcellence in financial writing.
Anthony Bova is a Vice President in the Morgan Stanley Research Department, focusing on institutional portfolio strategy.He recently won the ninth annual Bernstein Fabozzi/Jacobs Levy Award for coauthoring the article ‘Gathering Implicit Alphas in a Beta World, ‘ which ran in the Spring 2007 issue of the Journalof Portfolio Management.
P. Brett Hammond is a Managing Director and Chief Investment Strategist for TIAA-CREF Asset Management. His group isresponsible for asset allocation modeling, institutional advising, economic and market commentary, and investment product andportfolio research. Within TIAA-CREF, Hammond has also publishedextensively on pension issues, developed new approaches toperformance attribution, and played a key role in the creation ofthe company’s life-cycle inflation-linked bond funds.
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