Endowments
Endowments heavily invested in alternatives are falling well behind low-cost indexed portfolios.
This quarter's top reads reveal what's capturing the attention of investment professionals.
Endowments have long been considered elite investors, but outdated strategies and skyrocketing costs are eroding their edge
Insitutional investors who have doggedly pursued active management should heed the advice of tennis great Bill Tilden: “Never change a winning game; always change a losing one.”
What trends are influencing endowment investing in today’s market?
Richard Marston certainly has the credentials to author a book on portfolio design. Currently the academic director of the Private Wealth Management Program at the Wharton School of University of Pennsylvania, he has taught in five countries, is the recipient of both a Rhodes Scholarship and a Fulbright Fellowship, and—perhaps most relevantly—has taught asset allocation to more than 5,000 financial advisers as a faculty member in the Certified Investment Management Analyst program. Marston has accomplished what many investment academics find difficult—namely, produce a book that is truly practical and “hands-on” for both financial advisers and investors. Portfolio Design: A Modern Approach to Asset Allocation deftly combines rigorous academic research with everyday investment experience to provide a guidebook to the complexities underlying portfolio design and asset allocation.