内容简介
Acutting-edgelookattheendowmentmodelofinvestingManylargerendowmentsandfoundationshaveadoptedabroadlydiversifiedassetallocationstrategywithonlyasmallamountoftraditionalU.S.equitiesandbonds.Thistechnique,knownasthe"endowmentmodelofinvesting,"hasdemonstratedconsistentlong-termperformanceandattractedtheattentionofnumerousinstitutionalandindividualinvestors.WithTheEndowmentModelofInvestingLeibowitz,Bova,andHammondtakeacloserlookattheendowmentmodelwithcustomaryresearchsophisticationandattentiontodetail.Throughoutthebook,theyexaminehowthemodelprovidestrulyoutstandingrealreturns,whilekeepingacloseeyeontherisksassociatedwiththismethodofinvesting.Alongtheway,theauthorsofferpracticaladviceonincorporatingtheendowmentmodelintoyourowninvestmentendeavorsandrevealwhatittakestomakethismethodworkintherealworld.DetailsthegrowingdebateabouttheendowmentmodelofinvestinganddiscusseshowtouseitsuccessfullyWrittenbyanauthorityonendowmentinvestingandnon-traditionalassetallocationstrategiesOffersexpertinsightsonunderstandingriskandreturninnontraditionalassetallocationIfyouwanttogainabettergraspofoneofthemostsuccessfulformsofinvesting,thenTheEndowmentModelofInvestingisabookyouneedtoread.
作者简介
MartinL.LeibowitzisManagingDirectorintheU.S.ResearchDepartmentatMorganStanley.PriortoworkingatMorganStanley,hewasvicechairmanandchiefinvestmentofficerofTIAA-CREF.Leibowitzisaleadingauthorityinthefieldsofsecurityanalysisandportfolioallocation.Heistheauthoroffourbooks,includingFranchiseValue,and138articles,eightofwhichhavewontheprestigiousGrahamandDoddAwardforexcellenceinfinancialwriting.AnthonyBovaisaVicePresidentintheMorganStanleyResearchDepartment,focusingoninstitutionalportfoliostrategy.HerecentlywontheninthannualBernsteinFabozzi/JacobsLevyAwardforcoauthoringthearticle"GatheringImplicitAlphasinaBetaWorld,"whichranintheSpring2007issueoftheJournalofPortfolioManagement.P.BrettHammondisaManagingDirectorandChiefInvestmentStrategistforTIAA-CREFAssetManagement.Hisgroupisresponsibleforassetallocationmodeling,institutionaladvising,economicandmarketcommentary,andinvestmentproductandportfolioresearch.WithinTIAA-CREF,Hammondhasalsopublishedextensivelyonpensionissues,developednewapproachestoperformanceattribution,andplayedakeyroleinthecreationofthecompany'slife-cycleinflation-linkedbondfunds.