Praise for The Endowment Model of Investing "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)show more