The endowment model of investing: return, risk, and diversification

The endowment model of investing provided truly outstanding total real returns. These results are all the more impressive when viewed through the prism of a beta-based analysis that separates the overall risks and returns into equity-associated components and beyond-equity alpha, a prism through which most institutional investors now view the world. The realized performance of this model of investing, in recent years, has been so high, however, as to raise a cautionary note about its ultimate source and likely persistence at such extraordinary levels in the future. Both Leibowitz and Hammond look at the endowment model with their customary sophistication and attention to detail that have madeboth of them legendary investment practitioners on Wall Street and beyond.Martin Leibowitz (New York, NY) is Managing Director on the U.S. Equity Strategy team at Morgan Stanley. Prior to working at Morgan Stanley, Leibowitz was Vice Chairman and Chief Investment Officer of TIAA-CREF. Leibowitz is a leading authority in the fields of bond analysis and overall portfolio allocation strategies. He is the author of four books, including Franchise Value (Wiley), and 138 articles, eight of which have won the prestigious Graham and Dodd Awardfor excellence in financial writing. Anthony Bova (New York, NY) is a vice president with Morgan Stanley Equity Researchs Global Strategy team, focusing oninstitutional portfolio strategy. Bova recently won best article in the ninthannual Bernstein Fabozzi/Jacobs Levy Awards presented by The Journal of Portfolio Management for his co-authoring of ‘Gathering Implicit Alphas in a Beta World’ that ran in the Spring 2007 issue. P. Brett Hammond (New York, NY) is a managing director and chief investment strategist for TIAA-CREF Asset Management. His group is responsible for asset allocation modeling and institutional advising, economic and market commentary, and investment product and portfolio research. Within TIAA-CREF, he was previously responsible for performance attribution modeling, played an influential role in the creation of the company's inflation-linked bond and lifecycle funds, and conducted pension research.

• ISBN: 978-0-470-48176-9
• Editorial: John Wiley & Sons
• Encuadernacion: Cartoné
• Páginas: 352
• Fecha Publicación: 14/04/2010
• Nº Volúmenes: 1
• Idioma: Inglés