The Endowment Model of Investing: Return, Risk, and Diversification

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9780470481769: The Endowment Model of Investing: Return, Risk, and Diversification

A cutting-edge look at the endowment model of investing

Many larger endowments and foundations have adopted a broadly diversified asset allocation strategy with only a small amount of traditional U.S. equities and bonds. This technique, known as the "endowment model of investing," has demonstrated consistent long-term performance and attracted the attention of numerous institutional and individual investors.

With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model with customary research sophistication and attention to detail. Throughout the book, they examine how the model provides truly outstanding real returns, while keeping a close eye on the risks associated with this method of investing. Along the way, the authors offer practical advice on incorporating the endowment model into your own investment endeavors and reveal what it takes to make this method work in the real world.

  • Details the growing debate about the endowment model of investing and discusses how to use it successfully
  • Written by an authority on endowment investing and non-traditional asset allocation strategies
  • Offers expert insights on understanding risk and return in non traditional asset allocation

If you want to gain a better grasp of one of the most successful forms of investing, then The Endowment Model of Investing is a book you need to read.

Le informazioni nella sezione "Riassunto" possono far riferimento a edizioni diverse di questo titolo.

From the Inside Flap:

"Any fund sponsor or portfolio manager considering alternative assets should read this book to gain critical insights into the risks and potential rewards." Bruce I. Jacobs, PhD, Principal, Jacobs Levy Equity Management

The modern "endowment model" with its diversification into multiple asset classes will continue to be an attractive option for investors who have a truly long-term time horizon and are able to ride out bouts of significant short-term volatility. But at the same time, investors should be cautious about accepting the endowment model's past periods of higher returns as a simplistic template for the future.

Nobody understands this better than authors Martin Leibowitz, Anthony Bova, and P. Brett Hammond—leading authorities on asset allocation and institutional portfolio strategies. Now, in The Endowment Model of Investing, they share their extensive experience with you and reveal what it takes to make this approach work in today's dynamic financial markets.

Filled with in-depth insights and expert advice, this resource clearly focuses on the endowment allocation model and will help investors understand the value in its diversification, examine its theoretical underpinnings and its empirical behavior, and reassess where and when it should be used given its benefits and limitations. By adopting a new approach to the risk and return characteristics of individual asset classes—both standard and non-standard—and then exploring how such a reformulation affects their role within a total portfolio, The Endowment Model of Investing provides a better approach to evaluating diversified portfolios and reaping their full potential benefits.

This informative guide is divided into four comprehensive parts:

  • Part I: Alpha/Beta Building Blocks of Portfolio Management: demonstrates that asset classes and portfolios can be decomposed into equity-beta and beyond-beta components

  • Part II: Beta-Based Asset Allocation: builds upon the total beta framework to develop analytical tools that provide a deeper understanding of the risk-return dimensions of institutional portfolios

  • Part III: Theoretical and Empirical Stress Betas: examines both theoretical and actual portfolio behavior in selected regimes, with special attention paid to periods of significant market declines

  • Part IV: Asset Allocation and Return Thresholds: develops implications for the future of the endowment model

The modern endowment model is not a magic potion that will smooth returns and lower short-term volatility, but rather a strategy for accumulating incremental returns and achieving more divergent outcomes over the long term—which in itself is one of the most powerful defenses against portfolio risk. For an in-depth understanding of how endowment-like diversification can improve the investment process, The Endowment Model of Investing is the book to read.

From the Back Cover:

Praise for The Endowment Model of Investing

"This is a terrific book–required reading for any CIO responsible for the management of long-term investment portfolios."
—Lyn Hutton, Chief Investment Officer, Commonfund

"In my judgment—a must-read for every chief investment officer or strategist."
—Allan S. Bufferd, Treasurer Emeritus, MIT

"Shed(s) . . . light on . . . [endowment] portfolios during the financial crisis, and why their pain was predictable,inevitable, and . . . necessary for long-term success."
—Andrew K. Golden, President, Princeton University Investment Company

"This is a must-read for every institutional investor concerned with portfolio risk management. Full of important insights and robust analyses."
—Ian Kennedy, former global director of research, Cambridge Associates

"An elegant, rigorous, and articulate examination of . . . the endowment model . . . and why skillful implementation is always crucial."
—Charles D. Ellis, author, Winning the Loser's Game

"Is the endowment model broken? The answer, as provided . . . [in this] . . . appealing mix of analysis and common sense . . . is 'No'."
—Jack R. Meyer, Managing Partner and CEO, Convexity Capital

"A penetrating analysis of the trend towards allocating into multiple asset classes that shows when such diversification helps to control fund-level risk—and when it does not!"
—Jim Simons, Chairman, Renaissance Technologies LLC

"All-in-all . . . a balanced and exceptionally thoughtful study . . . that is sorely needed . . . a lot of great insight into basic finance and investing. Heartily recommended."
—Clifford Asness, Chairman, AQR Investments

"A valuable new approach that probes more deeply into the various forms of diversification."
—Frank J. Fabozzi, Professor in the Practice of Finance, Yale School of Management, and Editor, Journal of Portfolio Management

"A major advance in . . . investing for endowments . . . provides a way to incorporate . . . 'alphas' into a risk/return framework . . . I think the book is great."
—David Booth, CEO, Dimensional Fund Advisors

"Many institutional funds may find this framework insightful for asset allocation and risk management purposes."
—Roger Clarke, Chairman, Analytic Investors, Inc.

"A compendium of insightful and actionable principles for the endowment space. . . an important . . . framework for success for many institutional portfolios."
—H. Gifford Fong, President, Gifford Fong Associates

"A must-read for assessing . . . the future of this trusted model. This very readable book calls for maintaining the endowment model but adjusting our time horizons."
—Edgar Sullivan, Managing Director, Promark Global Advisors (formerly General Motors Asset Management)

Le informazioni nella sezione "Su questo libro" possono far riferimento a edizioni diverse di questo titolo.

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Martin L. Leibowitz ( ); Anthony Bova; P. Brett Hammond
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Martin L. Leibowitz, Anthony Bova, P. Brett Hammond
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Descrizione libro John Wiley and Sons Ltd, United Kingdom, 2010. Hardback. Condizione libro: New. 1. Auflage. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. A cutting-edge look at the endowment model of investing Many larger endowments and foundations have adopted a broadly diversified asset allocation strategy with only a small amount of traditional U.S. equities and bonds. This technique, known as the endowment model of investing, has demonstrated consistent long-term performance and attracted the attention of numerous institutional and individual investors. With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model with customary research sophistication and attention to detail. Throughout the book, they examine how the model provides truly outstanding real returns, while keeping a close eye on the risks associated with this method of investing. Along the way, the authors offer practical advice on incorporating the endowment model into your own investment endeavors and reveal what it takes to make this method work in the real world.* Details the growing debate about the endowment model of investing and discusses how to use it successfully * Written by an authority on endowment investing and non-traditional asset allocation strategies * Offers expert insights on understanding risk and return in non traditional asset allocation If you want to gain a better grasp of one of the most successful forms of investing, then The Endowment Model of Investing is a book you need to read. Codice libro della libreria BZV9780470481769

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Martin L. Leibowitz, Anthony Bova, P. Brett Hammond
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Descrizione libro John Wiley and Sons Ltd, United Kingdom, 2010. Hardback. Condizione libro: New. 1. Auflage. Language: English . Brand New Book. A cutting-edge look at the endowment model of investing Many larger endowments and foundations have adopted a broadly diversified asset allocation strategy with only a small amount of traditional U.S. equities and bonds. This technique, known as the endowment model of investing, has demonstrated consistent long-term performance and attracted the attention of numerous institutional and individual investors. With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model with customary research sophistication and attention to detail. Throughout the book, they examine how the model provides truly outstanding real returns, while keeping a close eye on the risks associated with this method of investing. Along the way, the authors offer practical advice on incorporating the endowment model into your own investment endeavors and reveal what it takes to make this method work in the real world.* Details the growing debate about the endowment model of investing and discusses how to use it successfully * Written by an authority on endowment investing and non-traditional asset allocation strategies * Offers expert insights on understanding risk and return in non traditional asset allocation If you want to gain a better grasp of one of the most successful forms of investing, then The Endowment Model of Investing is a book you need to read. Codice libro della libreria BZV9780470481769

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Martin L. Leibowitz, Anthony Bova, P. Brett Hammond
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Descrizione libro John Wiley and Sons Ltd, United Kingdom, 2010. Hardback. Condizione libro: New. 1. Auflage. Language: English . Brand New Book. A cutting-edge look at the endowment model of investing Many larger endowments and foundations have adopted a broadly diversified asset allocation strategy with only a small amount of traditional U.S. equities and bonds. This technique, known as the endowment model of investing, has demonstrated consistent long-term performance and attracted the attention of numerous institutional and individual investors. With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model with customary research sophistication and attention to detail. Throughout the book, they examine how the model provides truly outstanding real returns, while keeping a close eye on the risks associated with this method of investing. Along the way, the authors offer practical advice on incorporating the endowment model into your own investment endeavors and reveal what it takes to make this method work in the real world.* Details the growing debate about the endowment model of investing and discusses how to use it successfully * Written by an authority on endowment investing and non-traditional asset allocation strategies * Offers expert insights on understanding risk and return in non traditional asset allocation If you want to gain a better grasp of one of the most successful forms of investing, then The Endowment Model of Investing is a book you need to read. Codice libro della libreria AAH9780470481769

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Descrizione libro John Wiley and Sons Ltd. Hardback. Condizione libro: new. BRAND NEW, The Endowment Model of Investing: Return, Risk, and Diversification, Martin L. Leibowitz, Anthony Bova, P. Brett Hammond, A cutting-edge look at the endowment model of investing Many larger endowments and foundations have adopted a broadly diversified asset allocation strategy with only a small amount of traditional U.S. equities and bonds. This technique, known as the "endowment model of investing," has demonstrated consistent long-term performance and attracted the attention of numerous institutional and individual investors. With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model with customary research sophistication and attention to detail. Throughout the book, they examine how the model provides truly outstanding real returns, while keeping a close eye on the risks associated with this method of investing. Along the way, the authors offer practical advice on incorporating the endowment model into your own investment endeavors and reveal what it takes to make this method work in the real world. * Details the growing debate about the endowment model of investing and discusses how to use it successfully * Written by an authority on endowment investing and non-traditional asset allocation strategies * Offers expert insights on understanding risk and return in non traditional asset allocation If you want to gain a better grasp of one of the most successful forms of investing, then The Endowment Model of Investing is a book you need to read. Codice libro della libreria B9780470481769

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