Behavioral Risk
Managing behavioral risk is arguably prerequisite to effective implementation of other risk mitigation strategies. This paper identifies ways investors can counter the urge to stampede for the exits during times of crisis.
Investment Planning
Now What?!
This is the eighth in what has evolved into a series of occasional papers, Asset Allocation in the Current Environment, on the evolution of the secular bear market in equities and our thoughts on how investors can best cope with the prevailing uncertainties.
Spending Policy Changes: Endowments
In April 2009 a group of U.S. colleges and universities, museums and libraries, independent schools, and other institutions were invited to participate in a brief survey on spending policy as an update to a similar survey that was conducted in 2008. The survey asked about the policies in place, as well changes that were being…
Spending Policy Changes: Colleges and Universities
In March 2009 a group of U.S. colleges and universities were invited to participate in a brief survey on spending policy as an update to a similar survey that was conducted in 2008. The survey asked about the policies in place, as well changes that were being implemented or were under consideration for future implementation….
Strategic Implications of the Market Meltdown: An Update
An update to our October 2008 web publication, this paper revisits strategic questions and advises investors to think carefully about the economic and political dimensions of investment decisions.
Hard Choices for Hard Times
The macroeconomic outlook remains extremely challenging as the long overdue global rebalancing begins; investors need to make sure they are prepared for what may be a prolonged period of volatility and the possibility of new lows in asset markets.
Strategic Implications of the Market Meltdown
This paper reviews strategic questions and advises investors to think carefully about the economic and political dimensions of investment decisions.
Stay the Course or Abandon Ship?
While it is only natural to crave safety after periods of intense volatility, we do not believe investors should respond to recent market declines by panicking, scrapping their policy portfolio, and hunkering down in cash (with the obvious exception of excess cash necessary for near-term capital call, spending, and other liquidity needs).
“Mark to Market” Accounting: An Endowment’s Guide to the New Valuation (FAS 157)
This report discusses the upcoming implementation of the new “mark to market” (“fair value”) accounting standard. It provides a brief review of the broader accounting and auditing context and examines the probable effects of FAS 157 on long-only equity and fixed income managers, hedge funds, and non-marketable investment funds (private equity, venture capital, real estate)….
Endowment Management
A summary of our views on the questions and issues which those responsible for managing an endowment must resolve if they are to invest the assets effectively.