The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets |  | Authors: Mebane T. Faber, Eric W. Richardson
Publisher: Wiley
Category: Book
List Price: $49.95
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Rating:  68 reviews
Sales Rank: 92,416
Media: Hardcover
Pages: 240
Number Of Items: 1
Shipping Weight (lbs): 1
Dimensions (in): 9.1 x 6.3 x 1.1
ISBN: 0470284897
Dewey Decimal Number: 332.6
EAN: 9780470284896
ASIN: 0470284897
Publication Date: March 30, 2009
Availability: Usually ships in 1-2 business days
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Product Description
A do-it-yourself guide to investing like the renowned Harvard and Yale endowments. The Ivy Portfolio shows step-by-step how to track and mimic the investment strategies of the highly successful Harvard and Yale endowments. Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach. The Ivy Portfolio also reveals a novel method for investors to reduce their risk through a tactical asset allocation strategy to protect them from bear markets. The book will also showcase a method to follow the smart money and piggyback the top hedge funds and their stock-picking abilities. With readable, straightforward advice, The Ivy Portfolio will show investors exactly how this can be accomplished—and allow them to achieve an unparalleled level of investment success in the process. With all of the uncertainty in the markets today, The Ivy Portfolio helps the reader answer the most often asked question in investing today - "What do I do"?
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Showing reviews 1-5 of 68
 This is the best book on investing I've read in years March 30, 2009
J. B. Williams (MA USA)
58 out of 62 found this review helpful
Most investment books are disappointments because of one or more of these characteristics: inflated (would have been a good magazine or journal article, but doesn't deserve a book); obscure because information is withheld (in order to sell a newsletter, software, or service); obscure because it is poorly written; subjective (not data driven); or just plain wrong.
The Ivy Portfolio has none of those problems. "Not bad" isn't the same as good, but this book is good. It is full of ideas and useful information; the disclosure is extensive, allowing reproducible results; it is well written; it is data driven; it is right based on the historical evidence, and I think the recommendations will prove to be robust.
Under the theme of learning best practices from the most successful investors, Ivy has not one but three big ideas: do what the "super endowments" do (diversify into additional asset classes); employ systematic timing to reduce risk; follow the best investment managers. A non-professional (but responsible) investor will understand how to do these things after reading Ivy, and I believe will do much better than buy-and-hold management (or in practice, "winging it"). It won't take much time or special resources to manage an Ivy Portfolio. The companion website, www.theivyportfolio.com should be a good adjunct.
Any concerns? I suggest that more discussion about pitfalls in choosing ETFs to implement the less familiar asset classes would be good. More importantly, the underlying idea is patterned after endowments and hedge funds. The typical individual investor has a time horizon and risk profile driven by the life cycle: accumulation, transition, decumulation (systematic withdrawal to provide retirement income). Individuals benefit from investment volatility early in their savings career, yet volatility is treacherous for retirees, particularly in the early years of retirement. Endowments don't die. Addressing possible mismatches between management based on institutional models and the individual's situation would be helpful. Academics and quants might look for discussion of the statistical significance of the findings here, but I am satisfied with the case the authors make for the economic significance of their ideas.
Bottom line: a curious or thoughtful investor will find this book well worthwhile.
Builds on a Strong Foundation March 30, 2009
Shrink Rap (USA)
27 out of 30 found this review helpful
I have been utilizing the author's Simple Ivy Portfolio Timing Model since early 2007 in several investment accounts and have been very happy with the results during this bear market.
Don't be misled by the title. There have been a number of books written in the past few years on the subject of successful endowment fund managers and the use of alternative asset classes (most not available to the small investor). While there is a very good discussion of the Harvard and Yale Endowment Funds, the heart of this book is a well laid out step by step explanation of several methods for improving returns and managing risk that are easy to follow and implement with a discount brokerage account. While some of the information is available on the "World Beta" web site, the book is a much easier and complete way to set about using the models and strategies.
Among other useful features I appreciate in a "how to" book that this book contains is a bullet point summary at the end of each chapter.
A "How To" Book that Delivers on its Promise August 7, 2009
A. Cudzewicz (Scottsdale, AZ USA)
11 out of 11 found this review helpful
The subtitle to The Ivy Portfolio is "How to Invest Like the Top Endowments and Avoid Bear Markets." In my opinion this book delivers on that promise. That is saying a lot.
I have read many investment books that present great strategies that have been exhaustively researched, outlined in detailed, academically vetted, but are totally useless because they are too complicated, too expensive, or impractical for the ordinary investor to follow. This book is not one of those. For example, in the first part of this book the authors detail how top endowments, like Harvard and Yale's endowments invest their billions. I have read about those strategies before, but other authors conclude that those endowments have access to managers or investment opportunities that the ordinary investor doesn't. So don't waste your time, you can't duplicate it. It leaves you hanging -- in awe of their great investment returns, but assured that they are out of reach. Faber and Richardson don't do that. While acknowledging the special circumstances multi-billion dollar endowments enjoy, they do suggest ways that an investor without billions can emulate the strategies the top endowments employ. They even name the specific Exchange Traded Funds that can be used to follow the endowments strategies. That is very convenient, practical and helpful.
The second part of the book deals with a Tactical Asset Allocation strategy. Again I have read about many timing strategies that have a high failure rate, or require you to be glued to your computer's display to make them work. I don't want to be a day trader. The authors outline a timing strategy that only requires once a month observations -- practical for the investor who already has a full time job, or an otherwise busy life. It is a strategy that they have thoroughly backtested to show that it has improved historical portfolio returns. But more importantly, their strategy significantly reduces a portfolio's volatility. It is summed up in the book's chapter on "Winning by Not Losing." For the critics who may claim that the author's strategy was just data mining -- remember that Faber's original white paper was written in 2006 before the 2007-2009 bear market. If you had been following the timing strategy, you would have avoided a significant part of the market decline over the last two years.
I highly recommend this book, not only for what you can learn, but for presenting a roadmap you can actually follow.
Excellent Insight for the Individual Investor April 11, 2009
Ryan P. Moser (Arlington, VA USA)
7 out of 7 found this review helpful
The most impressive thing about this book is the way the authors bring together knowledge from disparate sources into a framework most people will be able to understand and implement. The conclusions are data driven and the authors are absolutely transparent about the methodology. I would recommend this well researched, well written book for novices and experienced investors alike, as it works on many levels.
Great Book with very practical advice September 11, 2009
Jackson St. (California)
5 out of 5 found this review helpful
As a professional investor I have read countless numbers of investing books, most of which are useful but add only an incremental amount of knowledge. Faber's book is full of great advice that one can put to immediate use. While I haven't read many other asset allocation book to be able to truly compare, I do know that this isn't a "theory" book. Between his describing different levels of tactical allocation to describing which funds are the best to follow and piggy-back off of, there is lots of good advice for investors up to and including professionals. His reading list is something I will find of particular importance with many good articles I haven't read in the past. As a "stock-picker" I felt the book could have used a more detailed description of how he incorporates individual equities into his asset allocation plan and a deeper discussion into using a short portfolio to partially hedge and/or profit from. But these are just issues I have on a personal basis and don't detract from the overall quality and usefulness of the book. A book I will gladly recommend to others.
Showing reviews 1-5 of 68
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