Ivy Portfolio

How to Invest Like the Top Endowments and Avoid Bear Markets

Häftad, Engelska, 2011

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Beskrivning

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.The Ivy Portfolio also reveals a novel method for investors to reduce their risk through a tactical asset allocation strategy to protect them from bear markets. The book will also showcase a method to follow the smart money and piggyback the top hedge funds and their stock-picking abilities. With readable, straightforward advice, The Ivy Portfolio will show investors exactly how this can be accomplished—and allow them to achieve an unparalleled level of investment success in the process.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"?

Produktinformation

Utgivningsdatum:2011-04-15
Mått:152 x 227 x 16 mm
Vikt:297 g
Format:Häftad
Språk:Engelska
Antal sidor:240
Upplaga:1
Förlag:John Wiley & Sons Inc
ISBN:9781118008850

Utforska kategorier

Finansiering inom Ekonomi och Ledarskap

Mer om författaren

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).

Innehållsförteckning

Preface ixAcknowledgments xiPart One: Constructing Your Ivy Portfolio 1Chapter 1 The Super Endowments 3Endowments Are Different 4Size Matters . . . 8. . . and So Does Performance 11Active Management over Passive 14Summary 16Chapter 2 The Yale Endowment 17History of the Endowment 18David Swensen’s Ascent 22Of Alphas and Betas 30Outlining the Yale Process 33Domestic Equity 34Foreign Equity 35Fixed-Income 37Real Assets 37Private Equity 38Summary 39Chapter 3 The Harvard Endowment 41History of the Endowment 42The Owner’s Mentality 43Harvard’s Swensen 45More Money, More Problems 48How Harvard Does It 50Summary 53Chapter 4 Building Your Own Ivy League Portfolio 55Do as I Do—Shadowing the Super Endowments 56Risk-Adjusted Returns 64Do as I Say 66Inflation Is the Enemy 68Creating an All-Weather Policy Portfolio through Indexing 71Implementing Your Portfolio 74Rebalancing Your Portfolio 77Summary 78Part Two: Alternatives 81Chapter 5 Private Equity 83What Is Private Equity? 84Historical Returns and Benchmarking 85How to Invest in Publicly Listed Private Equity 91Summary 96Chapter 6 Hedge Funds 97A Brief Introduction to Hedge Funds 98Fund of Funds 101Options to Invest in Hedge Funds 113Individual Hedge Funds 123Fund of Funds 125Practical Considerations 131Summary 132Part Three: Active Management 133Chapter 7 Winning by Not Losing 135Losing Hurts 136The Quantitative System 141Out-of-Sample Testing and Systematic Tactical Asset Allocation 151Extensions 158A Rotation System 159Practical Considerations and Taxes 160Discipline 162The Systems versus the Endowments 165Why It Works 166Summary 169Chapter 8 Following the Smart Money 171Introduction to the 13F 172Combining the Top Fund Managers to Create Your Own Fund of Funds 182Summary 185Chapter 9 Develop an Action Plan 187Implementing Your Ivy Portfolio 188Portfolios Discussed in The Ivy Portfolio 191Appendix A: A Brief Review of Momentum and Trend Following 195Appendix B: Additional Charts 199Appendix C: Recommended Reading 207Bibliography 211About the Authors 218Index 219