| 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 |
内容加载中，请稍后...
商品评论（0条）