
The Ivy Portfolio How to Invest Like the Top Endowments and Avoid Bear Markets
by Faber, Mebane T.; Richardson, Eric W.Rent Book
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Summary
Author Biography
Mebane T. Faber, CAIA, CMT, is the Portfolio Manager at Cambria Investment Management where he manages equity and global tactical asset allocation portfolios. He is a frequent speaker and writer on investment strategies and authors the World Beta blog. Faber is also the cofounder of AlphaClone, an investing research Web site. ?Faber began his career as a biotechnology equity analyst and a quantitative research analyst. ?He graduated from the University of Virginia with a double major in engineering science and biology.
Eric W. Richardson, JD, is the founder and CEO of Cambria Investment Management. He also serves as the President of the General Partner of Cambria Investment Fund, LP, a private investment partnership that makes bridge loans and structured equity investments in emerging-growth companies. He began his career as an associate with the law firm Milbank, Tweed, Hadley & McCloy. Mr. Richardson received a BA from the University of Southern California and a JD from the University of Michigan Law School.
Table of Contents
Preface | p. ix |
Acknowledgments | p. xi |
Constructing Your Ivy Portfolio | p. 1 |
The Super Endowments | p. 3 |
Endowments Are Different | p. 4 |
Size Matters ... | p. 8 |
... and So Does Performance | p. 11 |
Active Management over Passive | p. 14 |
Summary | p. 16 |
The Yale Endowment | p. 17 |
History of the Endowment | p. 18 |
David Swensen's Ascent | p. 22 |
Of Alphas and Betas | p. 30 |
Outlining the Yale Process | p. 33 |
Domestic Equity | p. 34 |
Foreign Equity | p. 35 |
Fixed-Income | p. 37 |
Real Assets | p. 37 |
Private Equity | p. 38 |
Summary | p. 39 |
The Harvard Endowment | p. 41 |
History of the Endowment | p. 42 |
The Owner's Mentality | p. 43 |
Harvard's Swensen | p. 45 |
More Money, More Problems | p. 48 |
How Harvard Does It | p. 50 |
Summary | p. 53 |
Building Your Own Ivy League Portfolio | p. 55 |
Do as I Do-Shadowing the Super Endowments | p. 56 |
Risk-Adjusted Returns | p. 64 |
Do as I Say | p. 66 |
Inflation Is the Enemy | p. 68 |
Creating an All-Weather Policy Portfolio through Indexing | p. 71 |
Implementing Your Portfolio | p. 74 |
Rebalancing Your Portfolio | p. 77 |
Summary | p. 78 |
Alternatives | p. 81 |
Private Equity | p. 83 |
What Is Private Equity? | p. 84 |
Historical Returns and Benchmarking | p. 85 |
How to Invest in Publicly Listed Private Equity | p. 91 |
Summary | p. 96 |
Hedge Funds | p. 97 |
A Brief Introduction to Hedge Funds | p. 98 |
Fund of Funds | p. 101 |
Options to Invest in Hedge Funds | p. 113 |
Individual Hedge Funds | p. 123 |
Fund of Funds | p. 125 |
Practical Considerations | p. 131 |
Summary | p. 132 |
Active Management | p. 133 |
Winning by Not Losing | p. 135 |
Losing Hurts | p. 136 |
The Quantitative System | p. 141 |
Out-of-Sample Testing and Systematic Tactical Asset Allocation | p. 151 |
Extensions | p. 158 |
A Rotation System | p. 159 |
Practical Considerations and Taxes | p. 160 |
Discipline | p. 162 |
The Systems versus the Endowments | p. 165 |
Why It Works | p. 166 |
Summary | p. 169 |
Following the Smart Money | p. 171 |
Introduction to the 13F | p. 172 |
Combining the Top Fund Managers to Create Your Own Fund of Funds | p. 182 |
Summary | p. 185 |
Develop an Action Plan | p. 187 |
Implementing Your Ivy Portfolio | p. 188 |
Portfolios Discussed in The Ivy Portfolio | p. 191 |
A Brief Review of Momentum and Trend Following | p. 195 |
Additional Charts | p. 199 |
Recommended Reading | p. 207 |
Bibliography | p. 211 |
About the Authors | p. 218 |
Index | p. 219 |
Table of Contents provided by Ingram. All Rights Reserved. |
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