The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets Paperback – 15 Apr 2011
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"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
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. See all Product Description
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Top Customer Reviews
The managers of the Yale and Harvard University Endowment Funds have achieved excellent long term success in building up their funds at a superior rate of return with fewer down periods. This book looks at analysing why this has happened and how individuals can learn from these Ivy Investment Portfolios.
I've been reading a lot of books about investment recently but I thought this was particularly dry and heavy going but perhaps that's because I found it difficult to relate to the endowment funds who are investing for the very long term. Inevitably there is an American bias in what's written and these funds have a special tax status that helps. They also have great connections and massive clout with hedge funds.
Diversification is the main secret and the book provides various suggested splits of investments, including going outside of shares and bonds into commodities and real estate. I felt the diversification argument was much more persuasively argued in The Permanent Portfolio: Harry Browne's Long-Term Investment Strategy. I keep recommending that book because it is the one that really got the message across to me.
The book goes on to look at buyout funds and hedge funds but I feel that it's not where most private investors will go. It also gives some ideas on how to time the market with momentum strategies. These are interesting but I've read about them before and I constantly have a inner debate about value versus momentum.Read more ›
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 ›
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.
Most Recent Customer Reviews
For anyone considering re-organising their portfolio or starting one from scratch, this is a book full of good ideas. Made me think. Interesting author. Like his other book too.Published on 31 July 2013 by J T McGill
I don't usually trust reviews on here but these seem to be spot on. I thoroughly enjoyed reading this book and consolidated a lot of knowledge I thought I knew but now realise I... Read morePublished on 30 Aug. 2011 by J. W. H. Chambers
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. Read morePublished on 9 Jun. 2011 by Roger Dennis
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. Read morePublished on 14 July 2010 by J.U