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The Endowment Model of Investing: Return, Risk, and Diversification (Anglais) Relié – 16 avril 2010
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Description du produit
Présentation de l'éditeur
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.
Quatrième de couverture
"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)
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Commentaires client les plus utiles sur Amazon.com
Worth looking at but I would argue it struggled to keep my interest throughout. Adding summaries might have helped.
Technical folks would perhaps enjoy it. Mathematicians etc.
Leibowitz, Anthony Bova and P. Brett Hammond is an
important work in finance. The main theme of the
book is that the U.S. equities of stocks or bonds
are the primary risk factors in most institutional portfolios.
The U.S. institutional funds share common
characteristics. For instance, the total portfolio volatility may be with the equities in stocks or
bonds. In addition, the total projected volatilities
are about 10% under normal market conditions. Despite
the uncertainties,diversification remains one of the
most powerful tools to reduce risk and enhance returns
in the arsenal of tools available
to the investor.
The authors explain how college and university
endowment funds have increased their investment allocations from 3% to over 25% or more in
non-traditional assets like real estate, hedge funds, private equity, natural resources and venture capital.
At the same time, asset allocations decreased in such areas as fixed income,cash or cash equivalents. And so, U.S. equities continue to be the dominant risk factor for most institutional portfolios as demonstrated by the 2008 market crash.
The book explains that volatility in the markets
is not dispositive. The more worrisome prospect
is market deterioration so severe that it undermines
an institution's investment philosophy and forces
a fundamental reconsideration of basic assumptions underlying the investment portfolios. Vulnerable
assets include international equity investments and emerging market equity during short term periods of
stress in the markets which may translate to downside
The authors have utilized the term dragon risk to
denote unchartered territories where dragons might
dwell. Examples are the potential perils of new
investment vehicles like exotic derivatives and the
wider range of performance outcomes for less efficient assets which depend more on having a top manager for
The Endowment Model of Investing by Martin L.
Leibowitz, Anthony Bova and P. Brett Hammond is
an important book on investments which describes
both traditional and non-traditional investments,
as well as, the inherent downside risks. This is
an important investment resource for anyone owning or managing a portfolio of any size or complexity.
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