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The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets [NOOK Book]

Overview

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.
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The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets

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Overview

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.
Read More Show Less

Editorial Reviews

From the Publisher
"The most useful recent book could be The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets, by money managers Mebane Faber and Eric Richardson, who work at Cambria Investment Management. They analyze how the endowments of Harvard and Yale posted such world-beating performance. Then they offer a simplified model that regular people can adopt." (BusinessWeek, April 9, 2009)

"Markets left investors almost no place to hide last year, with nearly every asset class heading south. Money manager Mebane Faber of Cambria Investment Management outperformed by a mile, however.... Faber is co-author of the The Ivy Portfolio, which details his approach. Following the investment tenets of the Harvard and Yale endowments (which until last year both had sterling performance) but without using their riskier alternative assets, he demonstrates how to outperform with lower volatility." (Barron's, April 27, 2009)

"Does The Ivy Portfolio deserve a spot on Dad's bookshelf? With its graphics, tables and step-by-step guidance, the book is often more straightforward than a college financial aid form." (Wall Street Journal, June 16, 2009)

"We all know that the most impressive investment returns are from endowment funds and in particular, Yale and Harvard. Faber and Richardson take us inside these two funds and show us how to replicate that model for our portfolios. The Ivy Portfolio is an easy-to-read and -understand book that will make the process of asset allocation and investment easier for readers. And in light of the recent market turmoil, its lessons are even more important."
John Mauldin, author of the bestselling Bull's Eye Investing and the weekly newsletter Thoughts from the Frontline

"Meb Faber makes a most compelling case for quantitative active asset allocation. Investors of all levels of sophistication will benefit handsomely from the insights and analyses presented in The Ivy Portfolio."
Rob Arnott, Chairman, and Jason Hsu, Chief Investment Officer, Research Affiliates; coauthors of The Fundamental Index: A Better Way to Invest

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Product Details

  • ISBN-13: 9780470442814
  • Publisher: Wiley
  • Publication date: 4/1/2009
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 256
  • Sales rank: 189,467
  • File size: 4 MB

Meet the Author

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).

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Table of Contents

Preface ix

Acknowledgments xi

Part One Constructing Your Ivy Portfolio 1

Chapter 1 The Super Endowments 3

Endowments Are Different 4

Size Matters ... 8

... and So Does Performance 11

Active Management over Passive 14

Summary 16

Chapter 2 The Yale Endowment 17

History of the Endowment 18

David Swensen's Ascent 22

Of Alphas and Betas 30

Outlining the Yale Process 33

Domestic Equity 34

Foreign Equity 35

Fixed-Income 37

Real Assets 37

Private Equity 38

Summary 39

Chapter 3 The Harvard Endowment 41

History of the Endowment 42

The Owner's Mentality 43

Harvard's Swensen 45

More Money, More Problems 48

How Harvard Does It 50

Summary 53

Chapter 4 Building Your Own Ivy League Portfolio 55

Do as I Do-Shadowing the Super Endowments 56

Risk-Adjusted Returns 64

Do as I Say 66

Inflation Is the Enemy 68

Creating an All-Weather Policy Portfolio through Indexing 71

Implementing Your Portfolio 74

Rebalancing Your Portfolio 77

Summary 78

Part Two Alternatives 81

Chapter 5 Private Equity 83

What Is Private Equity? 84

Historical Returns and Benchmarking 85

How to Invest in Publicly Listed Private Equity 91

Summary 96

Chapter 6 Hedge Funds 97

A Brief Introduction to Hedge Funds 98

Fund of Funds 101

Options to Invest in Hedge Funds 113

Individual Hedge Funds 123

Fund of Funds 125

Practical Considerations 131

Summary 132

Part Three Active Management 133

Chapter 7 Winning by Not Losing 135

Losing Hurts 136

The Quantitative System 141

Out-of-Sample Testing and Systematic Tactical Asset Allocation 151

Extensions 158

A Rotation System 159

Practical Considerations and Taxes 160

Discipline 162

TheSystems versus the Endowments 165

Why It Works 166

Summary 169

Chapter 8 Following the Smart Money 171

Introduction to the 13F 172

Combining the Top Fund Managers to Create Your Own Fund of Funds 182

Summary 185

Chapter 9 Develop an Action Plan 187

Implementing Your Ivy Portfolio 188

Portfolios Discussed in The Ivy Portfolio 191

Appendix A A Brief Review of Momentum and Trend Following 195

Appendix B Additional Charts 199

Appendix C Recommended Reading 207

Bibliography 211

About the Authors 218

Index 219

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  • Anonymous

    Posted November 11, 2009

    Outstanding book that I am going to now use to reallocate my retirement portfolio

    This book is outstanding. Its actually just the type of book I've been hoping to find for quite a long time. Other asset allocation books are either too technical or don't actually outline asset allocation plans. This book provides excellent information that is complex yet usable. Highly recommend.

    3 out of 3 people found this review helpful.

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