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The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets Paperback – 15 Apr 2011


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Product details

  • Paperback: 240 pages
  • Publisher: John Wiley & Sons; 1 edition (15 April 2011)
  • Language: English
  • ISBN-10: 1118008855
  • ISBN-13: 978-1118008850
  • Product Dimensions: 15.2 x 1.4 x 22.9 cm
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Bestsellers Rank: 148,873 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Product Description

Review

"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

--This text refers to the Hardcover edition.

From the Inside Flap

Over the past twenty years, the Yale University and Harvard University endowments have achieved unprecedented investment success. Since 1985, the Yale University endowment returned 16.62% per year, easily surpassing the S&P 500 Index′s 11.98% return. The Harvard University endowment returned over 15% a year and both endowments achieved these results with significantly less volatility than the S&P 500.

Despite the general success of the top endowments, 2008 proved difficult for many buy–and–hold investors as well as the endowments. Many asset classes finished the year with declines of 30% or more.

The Ivy Portfolio shows how individual investors can mimic the stellar long–term investment track records of these top endowments while avoiding bear markets like 2008.

The Ivy Portfolio begins by examining the theory, process, and discipline behind the success of the Yale University and Harvard University endowments. It demystifies the techniques that the ivory–tower academic practitioners use to manage their portfolios and shows step by step how an individual investor can hope to duplicate their returns using an innovative ETF–based investment strategy.

The Ivy Portfolio then demonstrates a simple tactical asset approach to dampen the impact of bear markets on long–term investment results. The model would have protected an investor from the carnage of 2008, all while eliminating the uncertainty and emotions of investing.

The Ivy Portfolio also showcases a method to piggyback the stock–picking abilities of top hedge funds, allowing investors to achieve greater success by following the valuation insights of the smart money.

The Ivy Portfolio will show investors exactly how all this can be accomplished and allow them to achieve an unparalleled level of investment success in the process.

--This text refers to the Hardcover edition.

Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

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Most Helpful Customer Reviews

3 of 3 people found the following review helpful By LaughingMagpie on 1 May 2011
Format: Paperback
The book deals with five issues; how to reconfigure a standard 60:40 portfolio in light of the experiences of Harvard & Yale; how to tactically manage that reconfigured portfolio so as to avoid disastrous drawdowns; an examination of funky stuff (hedge funds & private equity) & their place in a private investor's portfolio; & added on, the float of an idea for following the investments of top investors by reference to their public filings.

The 'Ivy League' aspects are really just a variant on the standard diversified portfolio. I didn't think there was so much in this. Indeed, the standard 60:40 comes out quite well if we are talking buy, hold & rebalance. The stuff on Harvard & Yale process is interesting, however, particularly how they seem to have really gripped the long term implications of the declining value of the $, gone for real assets, looked for areas where they (& their alumni) can find inefficiencies & not got too hooked onto the cult of equities nor bonds. Perhaps they could have looked at, say, Clare College, Cambridge for some transatlantic perspective. The funky stuff just leads to the conclusion that it is hard to access & should only be done with perhaps profits from the core portfolio. I thought the 'following from public filings' idea rang alarm bells.

I found the most useful bit to be this book's key points as regards avoiding bear markets.

Being the momentum strategy (buying only into confirmed strength) & the stop loss/take profit strategy (selling after a series of moves down below the 10 month moving average).

Of course, these can likely feel counterintuitive, but represent a much-used strategy in trading.
Read more ›
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2 of 2 people found the following review helpful By Riccardo Ronco on 7 Mar. 2011
Format: Hardcover
I have found this book the most refreshing book on investing I ever read in 20 years. Mebane's approach is simple but effective. Stop dealing in single stocks, use back tested ideas on ETF covering all asset classes with a trend following approach to protect against volatility to the downside. This book is simply perfect and you can immediately trade Mebane approach or adapt it to your needs.
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By Roger Dennis on 9 Jun. 2011
Format: Paperback
I have been reading investment books for over 40 years, and this is one of the best I have come across. It easy to read and understand, but covers the difficult areas.
Successful investment requires both skill and luck. Warren Buffet may be the world's luckiest investor, but if you apply the test of whether what he does can be replicated, the world's most skilful investor is David Swensen, the manager of the Yale University Endowment. Swensen does not rely on luck but on a well-thought-out and intellectually-sound method.
This book sets out to show you how you can apply the Swensen strategy to your own retirement savings. It is an extremely practical self-help book, without any of the obfuscation prevalent in many other investment books.
It gives some history of the Yale and Harvard Endowments and explains how they are invested. It then discusses which features those of us with much smaller funds can copy and which are out of our reach. It discusses "alternative" investments and hedge funds and how to avoid large losses. Most importantly it guides you how to plan your own asset allocation, with options for how simple or refined you want to make it.
It finishes with the following aphorism: We do not live to make money; we make money to live. I wonder if Warren Buffet agrees.
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1 of 1 people found the following review helpful By J.U on 14 July 2010
Format: Hardcover
This is a good easy to read book. The systems that are shown in the book are well documented and backtested offering some alternatives to adjust to different investment profiles. The fact that the book is written in a non complicated way helps the non investment professional to understand and apply the systems.
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4 of 5 people found the following review helpful By Mr David Grover on 9 Oct. 2010
Format: Hardcover
keep it simple stupid. that`s the theme. you don`t need to spend hours and hours pouring over data and charts in order to beat every fund
manager in the world.get excellent returns with basically with a low investment in time. you have no decisions to make just follow the rules, and you will make money.
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