Alternative Investments… Hedge Fund Landscape 22 Oct 2013November 26, 2013 The first hedge fund emerged in 1949 when sociologist Alfred Winslow Jones and his four friends formed an investment partnership. The first reference to a hedge fund appeared in a…
Alternative Investments… Endowment Spending and Purchasing Power Preservation (IV): Real Estate 15 Oct 2013October 28, 2013 Potential Benefits of Real Estate Investments Similar to the return patterns of other real assets, real estate returns also have low correlations with traditional investment vehicles, which adds a diversification…
Alternative Investments… Endowment Spending and Purchasing Power Preservation (I): Commodities 13 Oct 2013October 14, 2013 Endowment Spending Policy One of the most difficult challenges that any investment committee member of endowments and foundations face is choosing a spending policy that will best balance two competing…
Asset Allocation… Balancing Risk and Reward: Asset Allocation 8 Oct 2013October 16, 2013 The Importance Asset Allocation Many portfolio managers believe that asset allocation is one of the most important decisions that investors make: From a portfolio design standpoint, portfolio theory asserts that…
Alternative Investments… From Modern Portfolio Theory to Pioneering Portfolio Management: The Endowment Model 6 Oct 2013October 15, 2013 Implications of Modern Portfolio Theory Traditional and widely used institutional policy portfolios commonly consisted of a majority of U.S. equities and a reciprocal proportion of U.S. bonds, e.g., 60% stock/40%…
Alternative Investments… Approaches to Tail Risk Hedging in The Endowment Model 捐赠基金投资模型中的左尾风险对冲 1 Sep 2013October 7, 2013 In the Foreword of David Swensen (2009), Charles Ellis commented that Yale was good at playing defense, because the endowment was built to withstand the inevitable storms that face capital…
Alternative Investments… Alternative Investments in a Portfolio 23 Jan 2013September 12, 2023 Traditional asset classes such as stocks, bonds, and cash tend to be highly correlated with each other during the down markets. The long-only investments may not meet the changing needs…