pursuing investment excellence on behalf of endowed non-profits

Insight & Comment Library - including articles, speeches, and commentary



The library section lists written materials - including articles, speeches, and commentary - chronologically, dating back to 1994. Some of the materials below were originally published by the TIFF Education Foundation (now the TIFF Charitable Foundation) and are made available with permission.

2018
On Tariffs and Consequences
2017
The Case for Hedge Funds
Thinking Globally, Investing Locally
2016
CIO Observations Following US Presidential Election
2014
Disciplined Strategy for a Newly Efficient Secondary Market
2013
Foraging for Opportunities in Europe While Others Run for the Hills
2012
Real Assets' Down-to-Earth Appeal: Supply, Demand, Inflation
Performance Reporting for Private Equity
2011
For the Robust Nonconformist, Rules to Invest By
Assessing Country Risk in a World of Uncertainty
Why the SEC Shouldn't Meddle in Realty
Due Diligence Gets an Assist From Regulatory Reform
Lessons from the Belly of the Private Equity Beast
Surfing Venture Capital's Receding Wave
2011 Edition 1
Summaries of interviews, including Ken Hersh (NGP Energy Capital Management), David Dominik (Golden Gate Capital), Runa Alam (Development Partners International), Steve Mandel (Lone Pine Capital), Lee Ainslie (Maverick Capital Management).
2010
The Case for Illiquidity
A Stronger Hand for Limited Partners
2010 Edition 1
Interviews with Michael Eisenson (Charlesbank Capital Partners) and Josh Kopelman (First Round Capital) from the 2009 Endowment Management Seminar.
2010 Edition 2
A great financial journalist of the 20th century gets remembered and honored by a new voice of the 21st.
2009
2009 Edition 1
Interview with Stu Porter (Denham Capital Management) from the 2008 Endowment Management Seminar.
2009 Edition 2
Interview with Seth Klarman (Baupost Group) from the 2008 Endowment Management Seminar.
2009 Edition 3
Interviews with Jon Moulton (Alchemy Partners) and Arshad Zakaria (New Vernon Capital) from the 2008 Endowment Management Seminar.
2009 Edition 4
Interviews with Ian Wace (Marshall Wace Asset Management), Jeremy Hosking (Marathon Asset Management), and Antoine van Agtmael (Emerging Markets Management) from the 2009 Endowment Management Seminar.
2008
2008 Edition 1
Interviews with Hilda Ochoa-Brillembourg (Strategic Investment Group) and Tom Steyer (Farallon Capital Management) from the 2007 Endowment Management Seminar.
2008 Edition 2
Interview with Robert Bruner (University of Virginia Darden School of Business) from the 2008 Endowment Management Seminar.
2007
2007 Edition 1
An address entitled Endowment Management Circa 2007: Art, Science or Craft? by TIFF’s founding president David Salem at a gathering assembled by the National Association of College and University Business Officers (NACUBO).
2007 Edition 2
Interviews with Bevis Longstreth (Former SEC Commissioner), Joanne Hill (Goldman Sachs), and Marty Leibowitz (Morgan Stanley) from the 2007 Endowment Management Seminar.
2006
2006 Winter
Interviews with Jim Garland (The Jeffrey Company), Charley Ellis (Yale University’s investment committee), and Mark Kritzman (Windham Capital Management) from the 2005 Endowment Management Seminar.
2006 Spring
A fictional investment committee deliberates the pros and cons of a novel approach to policy portfolio construction entailing a highly unconventional approach to risk budgeting.
2006 Summer
Interviews with Harvey Dale (NYU School of Law), Mohamed El-Erian (Harvard Management Company), and Bill McCalpin (Rockefeller Brothers Fund) from the 2006 Endowment Management Seminar.
2006 Fall
Interviews with Bill Helman (Greylock Partners) and Jeremy Grantham (GMO) from the 2006 Endowment Management Seminar.
2005
2005 Spring
Thoughts on ways in which persons charged with stewarding endowment capital can do a more effective job discharging this solemn duty.
2005 Summer
Discusses how most investment failures tend to be rooted in overly aggressive play.
2005 Fall
Presentations by Jack Meyer (Harvard Management Company) and Steve Galbraith (Maverick Capital) from the 2005 Endowment Management Seminar.
2004
2004 1Q
Discusses the fact that even if the Chinese economy keeps expanding at a rapid clip, this doesn’t necessarily mean that shareholders in the latter will pocket large profits.
2004 2Q
Discusses an ambitious initiative: to develop a truly integrated approach to investment policy formulation for endowed charities.
2004 3Q
Focuses on a concise and internally consistent investment policy statement (IPS) for endowed charities.
2004 4Q
Discusses the costs that endowed charities and other investors incur due to a misalignment of interests between owners or principals on the one hand and agents on the other.
China Syndrome
2003
2003 1Q
Discusses – among other things – the fact that few investors can afford to “buy and hold” stocks on a truly permanent basis, perpetual life charities not excepted.
2003 3Q
Discusses regulation, the money management industry, and hedge funds versus absolute-return-oriented investment partnerships.
2003 4Q
A fictional investment committee debates long-term asset allocation and why relatively small money management shops have an edge investing in marketable stocks on a truly global basis.
Dear Diary Part III
2002
2002 1Q
By devising creative answers to familiar questions – or by asking questions that others lack the creativity or courage to pose – investors can gain a material edge over the competition.
2002 2Q
The best means of preserving the non-profit sector’s vitally important independence is for those privileged to hold leadership positions within it to insist that the organizations they lead adhere to the highest possible standards of performance and fair dealing.
2002 3Q
Because so many forms of investing have failed of late, the demand for certain types of managers is shrinking relative to available supply, making it easier on the margin for attentive investors to negotiate more client-friendly fees and terms.
2002 4Q
A fictional investment committee debates a host of scintillating investment policy issues, including sensible policy changes, adding private investments into a policy, and foreign stocks.
What If...
Taking the Long View
NACUBO 1/17/2002 - 6% Real or Bust?
Two Percent Dilemma
2001
2001 2Q
Keeping a diary of timeless truths about investing has helped at least one fiduciary avoid certain mistakes that investors tend to make on a recurring basis.
2001 3Q
Keeping a diary of timeless truths about investing has helped at least one fiduciary avoid certain mistakes that investors tend to make on a recurring basis.
2001 4Q
Asset allocation, like parenting, is such a universal and important challenge that laypersons assume "experts" have reduced it to an exact science. In fact, it’s nothing of the sort.
Dear Diary Part I: Timeless Truths About Investing
Dear Diary Part II
2000
2000 4Q
Tending Toward TIPS
1999
Message in a Bottle
1998
Fund-of-Funds: Cure or Disease?
1997
Exogenous Risk vs. Endogenous Risk
M2
Much Ado About Bonds
1996
Inflation-Linked Bonds
Inflation-Linked Bonds Redux
Behavioral Finance
1995
"Alternative" Investments: Balancing Risks and Rewards
Why Not 100% Stocks
1994
Thinking About Risk
Reflections on Investing
Back to top