The Modern Endowment Allocation Model
Published on 14. September 2011
20 pages
978-1-118-00638-2 (ISBN)
Description
The authors of The Endowment Model of Investing provide an overview in this chapter of the traditional versus modern methods of endowment investing as a basis for understanding diversification and managing equities for endowments today. It is meant as a brief introduction to the topic and book. Discussed is how the tradition of the long term policy portfolio with relatively fixed asset categories was at one point ubiquitous in the endowment and foundation World but how now with increased market volatility and the appearance of attractive new asset classes, this tradition of overly rigid allocations and fixed asset buckets is questioned and put into old news. The late Peter L. Bernstein was one of the earliest and most articulate authors arguing for a rethinking of the policy portfolio concept.
This chapter includes topics on:
* Institutions working in a more flexible fashion with allocations
* wider allocation bands
* using assets that do not necessarily fit into the traditional categories
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Martin L. Leibowitz
The Modern Endowment Allocation Model
Book
01/2013
Wiley
€47.22
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Person
Martin L. Leibowitz is Managing Director in the U.S.Research Department at Morgan Stanley. Prior to working at MorganStanley, he was vice chairman and chief investment officer ofTIAA-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 StanleyResearch Department, focusing on institutional portfolio strategy.He recently won the ninth annual Bernstein Fabozzi/Jacobs LevyAward for coauthoring the article "Gathering Implicit Alphas in aBeta World," which ran in the Spring 2007 issue of the Journalof Portfolio Management.
P. Brett Hammond is a Managing Director and ChiefInvestment 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.
Content
- Cover
- Title Page
- Copyright
- Part One: Alpha/Beta Building Blocks of Portfolio Management
- Chapter 1: The Modern Endowment Allocation Model
- TRULY LONG-TERM ORIENTATION
- NOVEL ASSET CLASSES AND SPECIAL ACCESS
- REMAKING THE INVESTMENT MANAGER RELATIONSHIP
- MORE MARKET-SENSITIVE ALLOCATIONS
- ASSET ALLOCATION
- BETA-BASED RISK AND RETURN: THE SIGMA AND BETA LINES
- NOTES
- REFERENCES
