图书简介

Prologue PART 1: BASE CAMP - THE ADVENTURE BEGINS Preparing for Base Camp: The must-read chapters to maximize the probability of success. 1             Identifying the Summit Determining the Investment Objective Institutional Constraints and Payout Various Approaches to Policy Portfolios Risk Tolerance Time Horizon 2             Defining Responsibilities Delegation of Authority Governance Assembling the Team Transparency Settling in at Base Camp: Expanding the toolbox to refine skillset and broaden the options in the face of changing conditions. 3             The Subtlety of Public Asset Classes Public Equity Fixed Income Hedge Funds 4             A Closer Look at Private Markets Role of Private Investment Classes Illiquidity Premium Duration of Investment Holding Period Leverage Traditional Fund Structures Alternative Fund Structures Reconciling Performance PART 2: THE EXCITEMENT OF THE CLIMB From Base Camp to First Camp: Asset Allocation; Developing the roadmap for the expedition. 5             Developing a Policy Portfolio Setting Capital Market Assumptions Constraints for Optimizer The Cloud of Efficiency Creating an Asset Allocation Policy Range of Possible Outcomes Stress Testing the Policy Portfolio Shortcomings of Models From First Camp to Second Camp: Portfolio Management; The art of adapting to the constantly changing landscape. 6             Portfolio Construction Selecting Market Betas Designing Asset Class Strategies Concentration versus Diversified Manager Roster Sizing of Individual Managers Role of Re-sizing and Rebalancing Internal Process Exogenous Risk 7             Active Risk Measuring Active Risk Limits to Active Risk Setting Expectations of Annualized Alpha 8             Hedging Active Hedging Strategy Volatility Management Strategy Alternatives to Hedging 9             Liquidity Management Illiquidity Tolerance of Institution Unfunded Commitments Modeling Portfolio Cash Flows 10          Secondary Sales A Tool in Active Portfolio Management Constructing a Portfolio for Sale Advantages and Drawbacks 11           Benchmarks Design Options Benchmark Selection Testing the Benchmarks Making Changes to Portfolio Benchmarks From Second Camp to Third Camp: Manager Selection; Selecting your partners for the climb, trusting your instincts, and learning when to quit with grace. 12          Manager Selection and Due Diligence Evolution of Manager Selection Setting the Bar Refining the Skills of the Team Diligence using the four Ps -people, philosophy, process, performance Sizing the Investment Monitoring the Portfolio Identifying Biases Knowing When to Quit PART 3: THE SUMMIT IN VIEW Reaching for the Summit: Managing Stakeholders; The most dangerous part of the climb 13          Managing the Team Team Culture Team Structure Decision Making Size and Skills of Team Leadership Designing an Incentive Plan that Works 14          Managing Up Developing Trust with the Board Transparency in Reporting Balancing Optimism, Confidence, and Reality Communication with the IC 15          Managing Relationships with Fellow Investors Developing True Partnership with GPs/Managers Approaches to Diversity and Inclusion Epilogue Value of Discipline, Integrity, Trust, and Resilience Honing the Competitive Edge Glossary Works Cited Index

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