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Special Report on

The Endowment Model of Investing

the endowment model of investing special research report Photo by townlakecapital.com
"Any fund sponsor or portfolio manager considering alternative assets should read this book to gain critical insights into the risks and potential rewards." Bruce I. Jacobs, PhD, Principal, Jacobs Levy Equity Management The modern "endowment model" with its diversification into multiple asset classes will continue to be an attractive option for investors who have a truly long-term time horizon and are able to ride out bouts of significant short-term volatility. But at the same time, investors should be cautious about accepting the endowment model's past periods of higher returns as a simplistic template ...
of 17.8 percent on his investments over the ten years to 2007, Swensen has added more than $16 billion to Yale's coffers, and his consistent track record has attracted the notice of Wall Street portfolio managers. Currently, he lives in New Haven, Connecticut with his children Tory, Alex, and Tim. He is chiefly notable for having invented what has become known as "The Yale Model" which is an application of Modern Portfolio Theory .
REVIEWS AND OPINIONS
Did Big Endowments Worsen the Crisis? - BusinessWeek
It’s no secret, at least in higher education circles, that in recent years a lot of the biggest endowments have pursued an aggressive investment model that for a while brought them out-sized returns. When the crash came, those same endowments were hit hard. They couldn’t get out of their high-risk investments, which turned out to be surprising illiquid, and ended up taking big losses—the biggest since the Great Depression. Now a new report is out that suggests that’s not the half of it. The report, by the Center for Social Philanthropy at Tellus Institute, paints a grim picture of how a small handful of ... market research, surveys and trends
The Endowment Model of Investing: Return, Risk, and ...
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 pres truly outstanding real returns, while ... market research, surveys and trends

SURVEY RESULTS FOR
THE ENDOWMENT MODEL OF INVESTING

News: Questioning Endowment Losses - Inside Higher Ed
High-risk, high-reward policies heavily influenced by Wall Street helped some college endowments grow to several times their original sizes, but they also did damage to employees, local communities and the global financial system, a new assessment of investment practices at Harvard University and five other New England institutions suggests. The development since the 1970s of the “endowment model of investing” may have paid off for many years, but in a report released Thursday , the Center for Social Philanthropy at Boston’s Tellus Institute concludes that the model is “broken.” Moving forward, the report said, the investment ... industry trends, business articles and survey research
Report targets universities' role in financial crisis | UWIRE
High-risk investment strategies pursued by Dartmouth College — and other institutes of higher education, including Harvard U. — contributed to the recent financial crisis by increasing risk in the capital markets, according to a report conducted by Tellus Institute and the Center for Social Philanthropy. Despite the long-term gains it may have produced in the past, the institutions’ “endowment model of investing” worsened the effect of the financial crisis on the campuses, their surrounding communities and the “wider financial system in general,” according to the report. “The Endowment Model of Investing is broken,” the report ... industry trends, business articles and survey research
RELATED NEWS
The university endowment model: Cracked, not broken
FORTUNE -- Every university has a story to illustrate how much poorer it's become in the last two years. Harvard stopped serving hot breakfasts. Yale turned down all the campus thermostats. Brandeis is even exploring loaning out its Warhols for a fee. Penny-pinching continues to guide decision-making at many U.S. universities, and that's shining a spotlight on shrunken endowments, which lost an average of 18.7% in the fiscal year that ended in June 2009, according to a study by the National Association of College and University Business Officers and Commonfund. Results for the 2010 fiscal year will be reported in the ... market trends, news research and surveys resources
TIAA-CREF's Chief Investment Strategist Co-Authors Book on Investing Using ...
“The Endowment Model of Investing,” a newly published book co-authored by TIAA-CREF’s Chief Investment Strategist, Brett Hammond, discusses the ability of the endowment approach to help long term investors harness the power of diversification for portfolio risk management. Mr. Hammond collaborated on the book with Martin Leibowitz, Managing Director at Morgan Stanley and former Vice Chairman of TIAA-CREF, and Anthony Bova, Vice President of Research at Morgan Stanley. It assesses where and when the endowment allocation model, which emphasizes the use of non-standard ... market trends, news research and surveys resources

INFORMATION RESOURCES

EDUCATIONAL ENDOWMENTS AND THE FINANCIAL CRISIS: SOCIAL COSTS AND ...
Given the social costs of the Endowment Model of Investing, which this report only begins to document, it is high time for colleges and universities not ... technology research, surveys study and trend statistics
Endowments and Trusts - Nebraska Investment Council
The Nebraska Investment Council manages the investments for several endowments and various trusts. The investment strategy for these portfolios varies based on the objectives of the portfolio. Health Care Endowment Fund The Health Care Endowment Fund is comprised of two distinct state trust funds. These two are the Nebraska Tobacco Settlement Trust Fund and the Nebraska Medicaid Intergovernmental Trust Fund (IGT) . Although their external contributions are different, the investments are the same and the spending policy is similar. The Nebraska Investment Council’s responsibility is managing the investments. General ... technology research, surveys study and trend statistics
8.13, Endowment and Investment Policies
Simply stated, an endowment is a special fund whereby the principal is held for investment and the interest earned on the principal is spent as directed by the donor. There are only two authorized repositories for endowment gifts: the University of Arizona and the University of Arizona Foundation. Endowment gifts are subject to the provisions of the University Development Fund and 8.12, Gifts . 2.   With the acceptance of endowment funds from an outside donor, the University assumes certain fiduciary responsibilities. These responsibilities include making sure the funds are held and expended ...
REAL TIME
THE ENDOWMENT MODEL OF INVESTING
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QUESTIONS AND ANSWERS
why cant NGO create a self sustenance business model wherein the ...
Not 100% I understand your question, but in the US and Europe, there are complex rules differentiating charities, trusts and businesses. Some of those rules place limits on how profit oriented a tax sheltered organization can be. A different tack, how much capital does it take to create the desired business and how much free (for the cause) profit can it generate. Many large foundations are at the core, investment trusts using the returns from holdings to fund taks. There was a tv commentary series last week, looking at the financial status and success of some of the US University Endowments... quite good results for most ...
I want to learn how to invest money | Ask MetaFilter
What are some decent quality forums, blogs for old fashioned, small time value investors? A lot of good content seems to be behind pay walls, and freely accessible forums are often high on noise and low on signal. If you have any good resources for stock screeners (I know about Google, Yahoo etc, but they mostly don't have Euronext stocks), I would appreciate those too. Any other tips to improve in valuating stocks, companies and financial instruments are much appreciated. I bought books like "Security Analysis" and "The Intelligent Investor". Decent modern books would be appreciated too. - For the vast majority of people, ...