An evaluation of common mistakes made by investment committees including overrating the importance of recent information, oversimplification of complex issues, extrapolation of past results into the future, and diffusion of responsibility.
This paper advises investors to carefully examine the risk, return, and correlation characteristics of their portfolios against those on which policy allocations are based; and rebalance from equities to bonds, from growth to value, and from financial to real assets.
A working paper that proposes an economic—as distinct from accounting—definition of endowment, along with discussion of the strategic importance of endowment.
An in-depth look at endowment risk, return, and spending.