Harvard, Yale, and other large college endowments consistently beat the stock market while taking less risk. While individual investors don t have access to many of the money managers and vehicles that these endowments use, they can still learn and implement a lot from their investment strategies.
Praise for How Harvard and Yale Beat the Market
"How Harvard and Yale Beat the Market is a must-read for anyone managing his own or other people's money. It demystifies new investments such as hedge funds and principal-protected products. This engaging handbook belongs in every investor's library."
-Deborah Weir, Parker Global Strategies, author of Timing the Market: How to Profit in the Stock Market Using the Yield Curve, Technical Analysis, and Cultural Indicators
In today's volatile market, investors are looking for new ways to lower their risk profile. For author Matthew Tuttle, the best means of achieving this goal is to look towards large university endowments-which attempt to capture consistent returns while maintaining a low level of risk.
How Harvard and Yale Beat the Market explores the benefits of endowment investing and shows you how to structure your individual investment endeavors around an endowment-type portfolio. While the average investor doesn't have access to many of the money managers and vehicles that high-profile endowments use, you can still learn from the investment strategies outlined here and implement them in your own investment activities. Filled with timely tips and practical advice from an expert who designs portfolios based on endowment investment strategies, How Harvard and Yale Beat the Market will put you in a better position to achieve investment success.
Inhaltsverzeichnis
Acknowledgments v
Introduction: Why You Should Invest Like an Endowment vii
Part I: Investment 101: An Introduction to the Endowment Philosophy of Investing
Chapter 1 The Current Environment and the Need for New Thinking 3
Chapter 2 Common Investment Mistakes 13
Chapter 3 Diversification: The Best Investment Strategy 25
Chapter 4 Skill-Based Money Managers versus Style Box-Based Money Managers 35
Chapter 5 Introduction to the Endowment Philosophy 53
Chapter 6 Why Large Endowments Outperform the Market and How You Can, Too! 63
Part II: Investment Vehicles
Chapter 7 Mutual Funds, Separately Managed Accounts, Exchange-Traded Funds, and Exchange-Traded Notes 79
Chapter 8 Structured Products 89
Chapter 9 Hedge Funds and Funds of Funds 97
Part III: Endowment Asset Classes and Investing Strategies
Chapter 10 Absolute Return 121
Chapter 11 Stocks 129
Chapter 12 Bonds 139
Chapter 13 Real Assets and Commodities 151
Chapter 14 Managed Futures 165
Chapter 15 Private Equity 177
Chapter 16 Managing Some of Your Money In-House 185
Chapter 17 Portable Alpha 197
Part IV: Designing Your Portfolio
Chapter 18 Suggested Allocations 211
Chapter 19 Choosing and Managing Money Managers 217
Chapter 20 Putting It All Together 227
Chapter 21 Putting It in Writing: The Investment Policy Statement 243
Final Thoughts 259
Appendix: Key Terms 261
About the Author 269
Index 271
