Chris Russell

Trustee Investment Strategy

• Gebundenes Buch

Produktbeschreibung

Endowment funds are assets given to provide a return which supports an objective. Trusts and charities, educational, cultural, social, scientific or religious foundations rely heavily on the investment return from such funds for their existence.

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Trustees 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 and academics to explain the fundamentals of investment strategy.

Key features are therefore:
_ Aimed at professional trustees
_ An holistic approach to strategy
_ Avoidance of jargon and mathematics
_ Focus on principles underlying asset strategy

Produktdetails

• Verlag: Wiley & Sons
• 1. Auflage
• Seitenzahl: 248
• Erscheinungstermin: 1. August 2006
• Englisch
• Abmessung: 250mm x 175mm x 18mm
• Gewicht: 625g
• ISBN-13: 9780470011966
• ISBN-10: 0470011963
• Artikelnr.: 20834677

Autorenporträt

Ana Russell grew up in Bogotá, Colombia. Her family moved to the United States when she was a teen. After obtaining her bachelor's in chemical engineering from the University of Oklahoma, she relocated to Austin, Texas. She works in a Tech company while also taking care of her two wonderful boys. Two Boys on a Sailboat was inspired by the questions her older son would ask her, as they did their day-to-day activities. When they were swinging in the park, the swings were not just swings, but airplanes, and their blocks were not mere toys, but bricks to build a whole city. It made her think how lucky she was to be able to be invited into their imagination. She wanted to share their world with the world, while also sharing a piece of her culture which she tries hard to keep alive.

Inhaltsangabe

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 Financial 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. 3.2 Risk-free return. 3.3 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. 6.3 Classification of assets. 6.4 Asset
categories. 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. 7.8 Global view.
7.9 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. References and Reading
Matter. Glossary. Index.