The Ivy Portfolio

Informationen zum Autor Mebane T. Faber , CAIA, CMT, is the Portfolio Manager at Cambria Investment Management where he manages equity and global tactical asset allocation portfolios and the Cambria Global Tactical ETF (GTAA). He is a frequent speaker and writer on investment strategies and authors the World Beta blog. Eric W. Richardson , JD, is the founder and CEO of Cambria Investment Management. He serves as the co-manager of the global tactical asset allocation portfolios and the Cambria Global Tactical ETF (GTAA). Klappentext "We all know that the most impressive investment returns are from endowment funds and, in particular, Yale and Harvard. Faber and Richardson take us inside these two funds and show us how to replicate that model for our portfolios. The Ivy Portfolio is an easy to read and understand book that will make the process of asset allocation and investment easier for readers. And in light of the recent market turmoil, its lessons are even more important." - John Mauldin , author of the bestselling Bull's Eye Investing and the weekly newsletter Thoughts from the Frontline "Meb Faber makes a most compelling case for quantitative active asset allocation. Investors of all levels of sophistication will benefit handsomely from the insights and analyses presented in The Ivy Portfolio ." - Rob Arnott , Chairman, and Jason Hsu, Chief Investment Officer, Research Affiliates, LLC; coauthors of The Fundamental Index: A Better Way to Invest "Analysis of institutional holdings (13F analysis) is one of the most useful yet underused tools in an investor's research arsenal. Along with taking readers into the arcane world of endowment investing, The Ivy Portfolio provides actionable advice on how to trade alongside the top investment professionals of our time." - Justin Walters , cofounder, Bespoke Investment Group LLC A do-it-yourself guide to investing like the renowned Harvard and Yale endowments The Ivy Portfolio shows step by step how to track and mimic the investment strategies of the highly successful Harvard and Yale endowments. Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach. With all of the uncertainty in the markets today, The Ivy Portfolio helps the reader answer the most often asked question in investing today-"What do I do?" "[Faber and Richardson] analyze how the endowments of Harvard and Yale posted such world-beating performance. Then they offer a simplified model that regular people can adopt." - Bloomberg Businessweek Zusammenfassung The best way to beat the market is to follow the top endowments that always do: Harvard and Yale. The Ivy Portfolio is a step-by-step guide on how to track and mimic the investment results of these legendary endowments using an Exchange Traded Fund-based investment strategy. Inhaltsverzeichnis Preface ix Acknowledgments xi Part One: Constructing Your Ivy Portfolio 1 Chapter 1 The Super Endowments 3 Endowments Are Different 4 Size Matters . . . 8 . . . and So Does Performance 11 Active Management over Passive 14 Summary 16 Chapter 2 The Yale Endowment 17 History of the Endowment 18 David Swensen's Ascent 22 Of Alphas and Betas 30 Outlining the Yale Process 33 Domestic Equity 34 Foreign Equity 35 Fixed-Income 37 Real Assets 37 Private Equity 38 Summary 39 Chapter 3 The Harvard Endowment 41 History of the Endowment 42 The Owner's Mentality 43 Harvard's Swensen 45 More Money, More Problems 48 How Harvard Does It 50 Summary 53 Chapter 4 Building Your ...

Auteur

Mebane T. Faber, CAIA, CMT, is the Portfolio Manager at Cambria Investment Management where he manages equity and global tactical asset allocation portfolios and the Cambria Global Tactical ETF (GTAA). He is a frequent speaker and writer on investment strategies and authors the World Beta blog. Eric W. Richardson, JD, is the founder and CEO of Cambria Investment Management. He serves as the co-manager of the global tactical asset allocation portfolios and the Cambria Global Tactical ETF (GTAA).

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"We all know that the most impressive investment returns are from endowment funds and, in particular, Yale and Harvard. Faber and Richardson take us inside these two funds and show us how to replicate that model for our portfolios. The Ivy Portfolio is an easy to read and understand book that will make the process of asset allocation and investment easier for readers. And in light of the recent market turmoil, its lessons are even more important."
-John Mauldin, author of the bestselling Bull's Eye Investing and the weekly newsletter Thoughts from the Frontline "Meb Faber makes a most compelling case for quantitative active asset allocation. Investors of all levels of sophistication will benefit handsomely from the insights and analyses presented in The Ivy Portfolio."
-Rob Arnott, Chairman, and Jason Hsu, Chief Investment Officer, Research Affiliates, LLC; coauthors of The Fundamental Index: A Better Way to Invest

"Analysis of institutional holdings (13F analysis) is one of the most useful yet underused tools in an investor's research arsenal. Along with taking readers into the arcane world of endowment investing, The Ivy Portfolio provides actionable advice on how to trade alongside the top investment professionals of our time."
-Justin Walters, cofounder, Bespoke Investment Group LLC

A do-it-yourself guide to investing like the renowned Harvard and Yale endowments

The Ivy Portfolio shows step by step how to track and mimic the investment strategies of the highly successful Harvard and Yale endowments. Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach. With all of the uncertainty in the markets today, The Ivy Portfolio helps the reader answer the most often asked question in investing today-"What do I do?"

"[Faber and Richardson] analyze how the endowments of Harvard and Yale posted such world-beating performance. Then they offer a simplified model that regular people can adopt."
-Bloomberg Businessweek

Résumé
The best way to beat the market is to follow the top endowments that always do: Harvard and Yale. The Ivy Portfolio is a step-by-step guide on how to track and mimic the investment results of these legendary endowments using an Exchange Traded Fund-based investment strategy.

Contenu

Preface ix

Acknowledgments xi

Part One: Constructing Your Ivy Portfolio 1

Chapter 1 The Super Endowments 3

Endowments Are Different 4

Size Matters . . . 8

. . . and So Does Performance 11

Active Management over Passive 14

Summary 16

Chapter 2 The Yale Endowment 17

History of the Endowment 18

David Swensen's Ascent 22

Of Alphas and Betas 30

Outlining the Yale Process 33

Domestic Equity 34

Foreign Equity 35

Fixed-Income 37

Real Assets 37

Private Equity 38

Summary 39

Chapter 3 The Harvard Endowment 41

History of the Endowment 42

The Owner's Mentality 43

Harvard's Swensen 45

More Money, More Problems 48

How Harvard Does It 50

Summary 53

Chapter 4 Building Your Own Ivy League Portfolio 55

Do as I Do-Shadowing the Super Endowments 56

Risk-Adjusted Returns 64

Do as I Say 66

Inflation Is the Enemy 68

Creating an All-Weather Policy Portfolio through Indexing 71

Implementing Your Portfolio 74

Rebalancing Your Portfolio 77

Summary 78

Part Two: Alternatives 81

Chapter 5 Private Equity 83

What Is Private Equity? 84

Historical Returns and Benchmarking 85

How to Invest in Publicly Listed Private Equity 91

Summary 96

Chapter 6 Hedge Funds 97

A Brief Introduction to Hedge Funds 98

Fund of Funds 101

Options to Invest in Hedge Funds 113

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