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Mebane Faber
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The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets Paperback – April 5, 2011

by Mebane T. Faber (Author), Eric W. Richardson (Author)
4.3 out of 5 stars 297
See all formats and editions
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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"?

Previous page
  1. Print length
    240 pages
  2. Language
    English
  3. Publisher
    Wiley
  4. Publication date
    April 5, 2011
  5. Dimensions
    6 x 0.8 x 9 inches
  6. ISBN-10
    1118008855
  7. ISBN-13
    978-1118008850
  8. See all details
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Editorial Reviews

From the Inside Flap

"We all know that the most impressive investment returns are from endowment funds and, in particular, Yale and Harvard. Faber and Richardson take us inside these two funds and show us how to replicate that model for our portfolios. The Ivy Portfolio is an easy to read and understand book that will make the process of asset allocation and investment easier for readers. And in light of the recent market turmoil, its lessons are even more important."
—John Mauldin, author of the bestselling Bull's Eye Investing and the weekly newsletter Thoughts from the Frontline

"Meb Faber makes a most compelling case for quantitative active asset allocation. Investors of all levels of sophistication will benefit handsomely from the insights and analyses presented in The Ivy Portfolio."
—Rob Arnott, Chairman, and Jason Hsu, Chief Investment Officer, Research Affiliates, LLC; coauthors of The Fundamental Index: A Better Way to Invest

"Analysis of institutional holdings (13F analysis) is one of the most useful yet underused tools in an investor's research arsenal. Along with taking readers into the arcane world of endowment investing, The Ivy Portfolio provides actionable advice on how to trade alongside the top investment professionals of our time."
—Justin Walters, cofounder, Bespoke Investment Group LLC

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. 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?"

"[Faber and Richardson] analyze how the endowments of Harvard and Yale posted such world-beating performance. Then they offer a simplified model that regular people can adopt."
—Bloomberg Businessweek

From the Back Cover

"We all know that the most impressive investment returns are from endowment funds and, in particular, Yale and Harvard. Faber and Richardson take us inside these two funds and show us how to replicate that model for our portfolios. The Ivy Portfolio is an easy to read and understand book that will make the process of asset allocation and investment easier for readers. And in light of the recent market turmoil, its lessons are even more important."
―John Mauldin, author of the bestselling Bull's Eye Investing and the weekly newsletter Thoughts from the Frontline

"Meb Faber makes a most compelling case for quantitative active asset allocation. Investors of all levels of sophistication will benefit handsomely from the insights and analyses presented in The Ivy Portfolio."
―Rob Arnott, Chairman, and Jason Hsu, Chief Investment Officer, Research Affiliates, LLC; coauthors of The Fundamental Index: A Better Way to Invest

"Analysis of institutional holdings (13F analysis) is one of the most useful yet underused tools in an investor's research arsenal. Along with taking readers into the arcane world of endowment investing, The Ivy Portfolio provides actionable advice on how to trade alongside the top investment professionals of our time."
―Justin Walters, cofounder, Bespoke Investment Group LLC

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. 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?"

"[Faber and Richardson] analyze how the endowments of Harvard and Yale posted such world-beating performance. Then they offer a simplified model that regular people can adopt."
―Bloomberg Businessweek

Product details

  • Publisher ‏ : ‎ Wiley; 1st edition (April 5, 2011)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 240 pages
  • ISBN-10 ‏ : ‎ 1118008855
  • ISBN-13 ‏ : ‎ 978-1118008850
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 6 x 0.8 x 9 inches
  • Customer Reviews:
    4.3 out of 5 stars 297

About the authors

Follow authors to get new release updates, plus improved recommendations.
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  1. Mebane Faber

    Mebane Faber

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    Full content visible, double tap to read brief content.

    Mr. Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management. Faber is the manager of Cambria’s ETFs, separate accounts and private investment funds. Mr. Faber has authored numerous white papers and three books: Shareholder Yield, The Ivy Portfolio, and Global Value. He is a frequent speaker and writer on investment strategies and has been featured in Barron’s, The New York Times, and The New Yorker. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.

    www.cambriafunds.com

    www.mebfaber.com

    See more on the author's page
  2. Eric Richardson

    Eric Richardson

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    Full content visible, double tap to read brief content.

    Discover more of the author’s books, see similar authors, read author blogs and more

    See more on the author's page
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Customer reviews

4.3 out of 5 stars
4.3 out of 5
297 global ratings
How is the Strategy Performing Now?
5 Stars
How is the Strategy Performing Now?
We're always on a look out for systematic rule-based investment strategies, and The Ivy Portfolio offers several you can use out of the box. Why do we like rule-based investing? Three reasons: a) it helps us make more rational investment decisions (instead of relying on your gut feeling), b) it makes the investment process simpler (no need to squint at a chart or analyze the news), and c) it can be historically tested.The last point is key, because there's too many false information and beliefs that are peddled in the financial space. The strategies presented in this book have been back-tested by the author and have been published in a peer-reviewed journal (search for Quantitative Tactical Asset Allocation over at SSRN).We also independently back-tested one of the strategies (GTAA) and we're happy to report that it works in the past and it continues to work long after its publication. In case you're wondering, as we did, we've included a video with this review that shows you the most recent performance statistics we have as of this writing.Don't be fooled by the publication date thinking it's "too old." We actually like old strategies that continue to work, because we know it has been BATTLE-TESTED.Our final verdict: BUY IT!Update June 27, 2016:We've started tracking the conservative and moderate version of the 13 asset class model. See the attached images for the charts and stats. To get the right backtest result, total-return data must be used to account for splits and dividends.
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Top reviews from the United States

DiamondJag
5.0 out of 5 stars Invest Like the Best
Reviewed in the United States on October 28, 2009
Verified Purchase
I just finished "The Ivy Portfolio" and found it excellent....extremely informative and very well researched and documented. The authors peel back the cover on the Yale and Harvard Endowments, break down their track record and dissect how they invest. Then....they show you how you can construct your own "Ivy Portfolio" with ETF's. In a chapter called, "Winning by Not Losing" they show you two timing models and other ideas that can further increase your gains. Finally, they show you how you can pick stocks by following the top money managers on an ongoing basis. The book is thoroughly researched, all portfolios and timing models are historically tested and the book is filled with tables and graphs to answer any of the question you may have regarding the ideas and material. This is a scholarly work but eminently readable (two fun quotes in the book that caught my eye, "Buying asset classes for the long run is a good idea if you are a Sequoia tree, a giant tortoise, or an endowment " (attributed to Greg Morris) and "Picking stocks is very difficult. Most academic research has shown that both individuals and professionals stink at it". For me "The Ivy Portfolio" was like a novel you just couldn't put down. I believe the book is destined to become a classic!
3 people found this helpful
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TRS LAW
4.0 out of 5 stars Excellent read and history of the success of certain Ivy ...
Reviewed in the United States on April 28, 2016
Verified Purchase
Excellent read and history of the success of certain Ivy League investment portfolios of the schools' endowment funds. Remarkably simple strategy that seems to have worked well over the years; well illustrated with investment results over the years. I took a substantial sum of money and invested in the IVY 5 and then set up a "dummy" portfolio of the IVY 20 and found that both tracked about the same, since my investment has been made two months ago; the IVY 5 did a very small bit better, but the IVY 20, is obviously more diversified, but still within each of the Five major categories of investments. Each portfolio is up just under 3% over the past two months and all five categories have increased. For non-professional investors, note the book indicates that if you use the IVY 5 you will need to reallocate at least each year, while if you invest in the IVY 20, you will need to do so quarterly or semi-annually. I recommend this book.
One person found this helpful
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Investment Book Reader
5.0 out of 5 stars This is the right book at the right time
Reviewed in the United States on November 29, 2009
Verified Purchase
After the brutal bear market of 2008, and the second such bear market of the last decade, many individual investors are searching for a methodology that can protect them from major market declines. Mebane Faber introduces a simple, yet very effective solution to this dilemma. While utilizing a moving average to produce buy and sell signals in the markets is nothing new, Mr. Faber's back testing of the combination of a technical moving average approach with more traditional asset allocation techniques has produced some startling results. I am not sure if many investors will have the discipline to stick with this kind of approach, but the results speak for themselves. Market-beating returns accompanied by lower overall volatility is a desirable combination. I am particularly impressed that Mr. Faber originally introduced this approach before the 2008 bear market. Coincidentally, his approach would have truly earned its stripes last year, since it would have moved an investor out of stocks and into cash before the worst damage occurred.

I have not run the numbers, but I would venture to guess that the strategy returns may have been fairly close to the market returns were it not for 2008, when the strategy's level of out-performance was dramatic. Even so, I believe that many investors would be happy to match the market returns with significantly less volatility over time. Also, I am not sure if an ETF portfolio will be able to match Ivy endowment returns going forward, since these endowments consistently introduce leading edge strategies from some of the top minds in the investing world. Still, given the current choices for the individual investor, Mr. Faber's strategy may very well be the best opportunity to introduce many of the more esoteric allocations of Ivy endowments into the portfolios of individuals.

In short, I found this book to be a very worthwhile read. It deserves consideration, given the volatility that we all face in the current and future global investment landscape.
2 people found this helpful
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Ken Allen
5.0 out of 5 stars Maybe the Best Investment Book for Individuals
Reviewed in the United States on April 14, 2024
Verified Purchase
This book provides a broad perspective on investment options and the players that use them. It provides practical guidance for individual investors along with the performance results that have been found using the various approaches to investing. The early part of the book dealing with the historical investment returns of the Yale and Harvard endowments is not as interesting as the last part of the book dealing with various active investing strategies. This is the best investment book I have ever read. I will definitely incorporate some of the portfolio strategies presented. I highly recommend it.
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E. H
4.0 out of 5 stars I LIKE this book
Reviewed in the United States on August 3, 2009
Verified Purchase
I live off my investment returns - no W-2 income for > 5 years. I've bought several dozen books on various types of investing.

This is a REALLY GOOD and PRACTICAL book on how to construct a portfolio of low cost securities that appears to really work both in good times and bad. Mr. Faber backs up his assertions with 40 years of back-tested returns. Many of the books I've read contain no useful information for an individual retail investor.

There are many portfolios constructed of ETF's that re-balance periodically(see Paul Farrell at MarketWatch for example), taking money from the winning investments and putting it into the losers. The problem with this method is if all of the supposedly non-correlated sectors sudenly become correlated - like in the last year or two - what then???
Well you take $$ out of a losing investment and put it into another losing investment !

Author Faber successfully addresses this problem by BOTH rebalancing AND switching declining investments to cash under control of a simple technical indicator.

This is a VERY GOOD book with lots of practical information an individual retail investor can use.

Ed Hoopes
12 people found this helpful
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Top reviews from other countries

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Mr Scott MacDonald
5.0 out of 5 stars Asset Allocation Greatness
Reviewed in the United Kingdom on May 20, 2021
Verified Purchase
Great insight into the world of endowment fund management and some top diversification ideas for your personal portfolios, technical in bits, but I made some key strategic moves as a result of this to ensure an optimised asset allocation process. Fascinating read and a great step for creating a well rounded portfolio. I read a finance book a week, and this is in the top 5.
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Robert B.
5.0 out of 5 stars A simple, mechanical approach to investments!
Reviewed in Canada on February 19, 2019
Verified Purchase
This book presents a strategic approach to investing. With the aid of market timing (proven to work even during financial crisis) one learns to diversify a field of investment vehicles to achieve greater returns. The strategy keeps you out of market meltdowns and shifts you from equity assets to cash type assets to preserve capital. This book is a must read for anyone who has been struggling a portfolio that has been flat for years. Go ahead and help yourself!
One person found this helpful
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Draxler Waldemar
5.0 out of 5 stars Inhalt und Lesbarkeit
Reviewed in Germany on November 22, 2018
Verified Purchase
Buch enthält viel nützliche Information und liest sich leicht.
One person found this helpful
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john susnik
4.0 out of 5 stars Good investment book
Reviewed in Canada on February 6, 2021
Verified Purchase
It answered my basic question of how endowment funds invest and how as an individual investor I could tap their technique to design a personal investment portfolio.
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Thales P
4.0 out of 5 stars Diversify and Rebalance.
Reviewed in the United Kingdom on April 27, 2015
Verified Purchase
This is an interesting book, which is accessible to all those interested in investing. The explanations are clear and supported by historical data from the world of Endowments. Ultimately the book is trying to highlight the importance of diversification and how that improves as you add less correlated asset classes.
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