The Endowment Model of Investing: Return, Risk, and Diversification (Wiley Finance) - Tapa dura

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.

Praise for The Endowment Model of Investing

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

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

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

"This is a must-read for every institutional investor concernedwith portfolio risk management. Full of important insights androbust analyses."
—Ian Kennedy, former global director of research, CambridgeAssociates

"An elegant, rigorous, and articulate examination of . . . theendowment model . . . and why skillful implementation is alwayscrucial."
—Charles D. Ellis, author, Winning the Loser'sGame

"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, ConvexityCapital

"A penetrating analysis of the trend towards allocating intomultiple asset classes that shows when such diversification helpsto 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 basicfinance and investing. Heartily recommended."
—Clifford Asness, Chairman, AQR Investments

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

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

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

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

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