LEADER 04848nam 22006494a 450 001 9910830337103321 005 20230828231740.0 010 $a1-118-67339-5 010 $a1-280-51906-1 010 $a9786610519064 010 $a0-470-03222-7 035 $a(CKB)1000000000357433 035 $a(EBL)267120 035 $a(OCoLC)77526652 035 $a(SSID)ssj0000262684 035 $a(PQKBManifestationID)11220705 035 $a(PQKBTitleCode)TC0000262684 035 $a(PQKBWorkID)10271325 035 $a(PQKB)10464902 035 $a(MiAaPQ)EBC267120 035 $a(EXLCZ)991000000000357433 100 $a20060404d2006 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aTrustee investment strategy for endowments and foundations$b[electronic resource] /$fChris Russell 210 $aChichester, England ;$aHoboken, NJ $cWiley$dc2006 215 $a1 online resource (250 p.) 225 1 $aWiley finance series 300 $aDescription based upon print version of record. 311 $a0-470-01196-3 320 $aIncludes bibliographical references (p. [165]-170) and index. 327 $aTrustee Investment Strategyfor Endowments and Foundations; Contents; Foreword; Preface; Acknowledgments; 1 Introduction; 1.1 Endowment fund characteristics; 1.2 Constraints on endowments; 1.3 History rhymes; 1.4 The US endowment experience; 1.5 Structure of the book; 2 Language of Return; 2.1 Economic return; 2.2 Investment return; 2.3 'Other income' not return; 2.4 Income, capital and 'total return'; 2.5 Real and nominal return; 2.6 Absolute and relative return; 2.7 Arithmetic and geometric return; 2.8 Time-weighted return and money-weighted return; 3 Elements of Return; 3.1 Deriving return 327 $a3.2 Risk-free return3.3 Premium for risk; 3.4 Equity risk premium; 3.5 The eighth wonder of the world; 3.6 Valuation change; 3.7 Drivers of return; 3.8 Scenario analysis; 4 Understanding Risk; 4.1 Description of risk; 4.2 Pascal's Wager; 4.3 Chance; 4.4 Co-movement and common factors; 4.5 The Greek alphabet; 4.6 Confidence; 4.7 Consequences; 4.8 Endowment fund risk; 5 Spending Rules; 5.1 The endowment dilemma; 5.2 Micawber's rule; 5.3 Pattern of flows; 5.4 More scenario analysis; 5.5 Determining an operating rule; 6 Assets for Strategy; 6.1 Back to the future; 6.2 Investment approach 327 $a6.3 Classification of assets6.3.1 Operational assets; 6.3.2 Intergenerational assets; 6.4 Asset categories; 6.4.1 Cash; 6.4.2 Short-dated and intermediate-term bonds; 6.4.3 Long-dated bonds; 6.4.4 High-yield bonds; 6.4.5 Inflation-indexed bonds; 6.4.6 Convertible bonds; 6.5 Equities; 6.6 Private equity; 6.7 Real estate; 6.8 Commodities; 6.9 Hedge funds; 7 Legal, Social and Ethical; 7.1 Quis custodiet ipses custodies?; 7.2 Tax matters; 7.3 Extra-financial issues; 7.4 Corporate governance; 7.5 Corporate social responsibility; 7.6 Socially responsible investment; 7.7 Program-related investment 327 $a7.8 Global view7.9 Reality check; 8 Understanding Strategy; 8.1 Resource assessment; 8.2 Defining needs; 8.3 Quantifying needs; 8.4 Spending rule; 8.5 Operational assets; 8.6 Intergenerational assets; 8.7 Review; 9 Implementing Strategy; 9.1 Investment policy statement; 9.2 Trustees of an endowment; 9.3 Investment committee; 9.4 Investment staff; 9.5 Risk tolerance and control; 9.6 Operational asset management; 9.7 Intergenerational asset allocation; 9.8 Benchmarks and performance; 9.9 Consultants; 9.10 Selection of asset managers; 9.11 Costs; 9.12 Custody; 10 Synopsis 327 $aReferences and Reading MatterGlossary; Index 330 $aTrustees are responsible for the stewardship of assets and for implementing the mission of their endowment or foundation. Almost invariably trustees delegate the management of those assets to agents who are investment professionals. In this increasingly sophisticated and litigious financial world there can be a growing gap of comprehension, exacerbated by mathematics and jargon, between trustees who are responsible and agents who are accountable. This book aims to fill that gap. The book draws on the author's own experience and research and that of generations of investment professionals a 410 0$aWiley finance series. 606 $aEndowments$zUnited States$xFinance 606 $aInvestments 606 $aPortfolio management 615 0$aEndowments$xFinance. 615 0$aInvestments. 615 0$aPortfolio management. 676 $a332.67254 686 $a85.30$2bcl 700 $aRussell$b Chris$01615779 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910830337103321 996 $aTrustee investment strategy for endowments and foundations$93946136 997 $aUNINA