{"product_id":"the-climb-to-investment-excellence-isbn-9781394206698","title":"The Climb to Investment Excellence","description":"\u003cp\u003e\u003cb\u003eA go-to resource for institutional investors and asset allocators seeking practical advice from a proven leader in the field\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn\u003ci\u003eThe Climb to Investment Excellence: A Practitioner’s Guide to Building Exceptional Portfolios and Teams\u003c\/i\u003e, celebrated institutional investor and asset allocator Ana Marshall draws on her 36 years’ experience in finance and investment to deliver a comprehensive and practical blueprint for a resilient and high-performing institutional portfolio, as well as a reliable roadmap for the management of its stakeholders.\u003c\/p\u003e \u003cp\u003eYou’ll discover ready-to-deploy strategies and advice that’s informed by evidence and tried and tested in the real world, helping you to build and manage your team, construct a portfolio, set your goals, select the right managers, and more.\u003c\/p\u003e \u003cp\u003eYou’ll also find:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eExplorations of three themes that consistently define the careers of successful investors and asset allocators: strategy and planning, trust, and risk management\u003c\/li\u003e \u003cli\u003eThe critical factors every investor and allocator should consider before making any sort of impactful decision\u003c\/li\u003e \u003cli\u003eExaminations of the importance of resilience in the face of bad fortune or mistakes\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eA can’t-miss resource for institutional investors and asset allocators, \u003ci\u003eThe Climb to Investment Excellence\u003c\/i\u003e will also benefit board members tasked with overseeing their organizations’ investment objectives and performance in a volatile and ever-changing market.\u003cbr\u003e\u003cbr\u003e(There is no workbook that goes alongside this book.) \u003c\/p\u003e \u003cp\u003ePrologue xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: Base Camp – The Adventure Begins 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePreparing for Base Camp: The must-read chapters to maximize the probability of success\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Identifying the Summit 5\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSetting the Investment Objective 6\u003c\/p\u003e \u003cp\u003eUnderstanding Constraints and Payout 8\u003c\/p\u003e \u003cp\u003eVarious Approaches to Policy Portfolios 11\u003c\/p\u003e \u003cp\u003eRisk Tolerance 13\u003c\/p\u003e \u003cp\u003eTime Horizon 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Defining Governance Responsibilities 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDelegation of Authority 20\u003c\/p\u003e \u003cp\u003eExtent of Delegation 21\u003c\/p\u003e \u003cp\u003eGovernance 25\u003c\/p\u003e \u003cp\u003eAssembling the Team 26\u003c\/p\u003e \u003cp\u003eTransparency into the Investment Process 30\u003c\/p\u003e \u003cp\u003eSettling in at Base Camp: Expanding the toolbox to refine the skill set and broaden the options in the face of changing conditions\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 The Subtlety of Public Markets 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Role of Public Assets 36\u003c\/p\u003e \u003cp\u003eCapturing Growth in Public Equities 37\u003c\/p\u003e \u003cp\u003eNuances of Fixed Income 41\u003c\/p\u003e \u003cp\u003eHedge Funds Are an Essential Tool 43\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Perspectives on Private Markets 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Role of Private Investments 48\u003c\/p\u003e \u003cp\u003eThe Illiquidity Premium 51\u003c\/p\u003e \u003cp\u003eDuration of Investment Holding Period 52\u003c\/p\u003e \u003cp\u003eLeverage 53\u003c\/p\u003e \u003cp\u003eTraditional Fund Structures 54\u003c\/p\u003e \u003cp\u003eAlternative Fund Structures 54\u003c\/p\u003e \u003cp\u003eReconciling Performance 57\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II: The Excitement of the Climb 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFrom Base Camp to First Camp: Asset Allocation; Developing the road map for the expedition\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Developing a Policy Portfolio 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCapital Market Assumptions 66\u003c\/p\u003e \u003cp\u003eOptimizer Constraints 70\u003c\/p\u003e \u003cp\u003eThe Cloud of Efficiency 73\u003c\/p\u003e \u003cp\u003eCreating the Policy Portfolio 74\u003c\/p\u003e \u003cp\u003eRange of Possible Outcomes 76\u003c\/p\u003e \u003cp\u003eStress Testing 76\u003c\/p\u003e \u003cp\u003eFrom First Camp to Second Camp: Portfolio Management; The art of adapting to the constantly changing landscape\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Portfolio Construction 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSelecting Market Beta Exposure 86\u003c\/p\u003e \u003cp\u003eDiversification of Alpha Sources 86\u003c\/p\u003e \u003cp\u003eDesigning Asset Class Strategy 87\u003c\/p\u003e \u003cp\u003ePhilosophy of Concentration versus Diversified Managers 87\u003c\/p\u003e \u003cp\u003eSizing of Managers 88\u003c\/p\u003e \u003cp\u003eReassessing Sizing 89\u003c\/p\u003e \u003cp\u003eRebalancing Ranges 90\u003c\/p\u003e \u003cp\u003eInternal Process 91\u003c\/p\u003e \u003cp\u003eExogenous Risks 93\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Active Risk 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMeasuring Active Risk 95\u003c\/p\u003e \u003cp\u003eSize Limitations to Active Risk 97\u003c\/p\u003e \u003cp\u003eSetting Expectations of Annualized Alpha 98\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Portfolio Hedging 99\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eActive Hedging Strategy 101\u003c\/p\u003e \u003cp\u003eVolatility Management Strategy 104\u003c\/p\u003e \u003cp\u003eAlternatives to Hedging 106\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Liquidity Management 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIlliquidity Tolerance 110\u003c\/p\u003e \u003cp\u003eUnfunded Commitments 112\u003c\/p\u003e \u003cp\u003eModeling Portfolio Cash Flows 113\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Secondaries 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTool in Active Portfolio Management 115\u003c\/p\u003e \u003cp\u003eSelection of a Secondary Agent 117\u003c\/p\u003e \u003cp\u003eConstructing a Portfolio for Sale 118\u003c\/p\u003e \u003cp\u003eRisk Management Benefits versus Cost 120\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Benchmarks 123\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBenchmark Design Options 124\u003c\/p\u003e \u003cp\u003eBenchmark Selection 127\u003c\/p\u003e \u003cp\u003eTesting the Benchmarks 127\u003c\/p\u003e \u003cp\u003eMaking Changes to Benchmarks 128\u003c\/p\u003e \u003cp\u003eFrom Second Camp to Third Camp: Manager Selection; Selecting your partners for the climb, trusting your instincts, and learning when to quit with grace\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Manager Selection 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEvolution of Manager Selection 132\u003c\/p\u003e \u003cp\u003eSetting the Bar 133\u003c\/p\u003e \u003cp\u003eRefining the Skills Needed on the Team 134\u003c\/p\u003e \u003cp\u003eDue Diligence Process Design 134\u003c\/p\u003e \u003cp\u003eManager Diligence and Selection Process 135\u003c\/p\u003e \u003cp\u003eSizing the Investment 139\u003c\/p\u003e \u003cp\u003eMonitoring the Portfolio 140\u003c\/p\u003e \u003cp\u003eIdentifying Biases in Mature Portfolios 141\u003c\/p\u003e \u003cp\u003eKnowing When to Quit 143\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III: the Summit in View 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReaching for the Summit: Managing Stakeholders; The most dangerous part of the climb\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Managing the Team 153\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTeam Culture 154\u003c\/p\u003e \u003cp\u003eTeam Structure 155\u003c\/p\u003e \u003cp\u003eDecision-Making Process 156\u003c\/p\u003e \u003cp\u003eSize and Skills of Team 157\u003c\/p\u003e \u003cp\u003eLeadership 158\u003c\/p\u003e \u003cp\u003eDesigning an Incentive Plan That Works 160\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Managing Up 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDeveloping Trust with the Board 166\u003c\/p\u003e \u003cp\u003eTransparency in Reporting 167\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Managing Relationships with Fellow Investors 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDeveloping True Partnership with GPs 172\u003c\/p\u003e \u003cp\u003eApproaches to Diversity, Equity, and Inclusion 174\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Managing the Self 179\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Value of Integrity, Emotional Intelligence, and Values 179\u003c\/p\u003e \u003cp\u003eHoning the Competitive Edge 181\u003c\/p\u003e \u003cp\u003eGlossary 187\u003c\/p\u003e \u003cp\u003eIndex 189\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eANA MARSHALL\u003c\/b\u003e is Chief Investment Officer for the William and Flora Hewlett Foundation. She manages a $13 billion investment portfolio and has over 36 years of experience as an institutional investor and allocator. Ana co-teaches a course on asset allocation and portfolio management at Stanford Graduate School of Business. She is a frequent speaker at Milken Institute, a member of the Council on Foreign Relations, and serves on several nonprofit boards.   \u003c\/p\u003e\u003cp\u003eProviding a guide to adapting the endowment model by taking into account the particular needs and objectives of an organization, \u003ci\u003eThe Climb to Investment Excellence: A Practitioner’s Guide to Building Exceptional Portfolios and Teams\u003c\/i\u003e, is a one-stop, authoritative roadmap destined to become a classic in the field of institutional investing. It’s a perfect guide for investors at every stage of their career, as well as a resource for fiduciaries overseeing large pools of capital. \u003c\/p\u003e\u003cp\u003eYou’ll explore the importance of ensuring your team is aligned with your goals, that they possess the tools they need to get the job done, and the capabilities they’ll need to succeed. Along the way, you’ll also examine hands-on strategies and tips you can use to make sure your investment colleagues and your organization meet these criteria, from advice on selecting the right managers to navigating past common obstacles encountered by institutional investors and asset allocators. \u003c\/p\u003e\u003cp\u003eAna Marshall identifies critical attributes that define the careers of extraordinarily successful investors and allocators, including planning and strategy, risk management, and the cultivation of organization-wide trust. She provides helpful lists of issues that every investor should consider and discuss before making decisions. \u003c\/p\u003e\u003cp\u003eFinally, she emphasizes the importance of resilience in the face of changing market conditions and unanticipated events, as well as how to develop the adaptivity displayed by so many accomplished investors. \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eThe Climb to Investment Excellence\u003c\/i\u003e, distinguished asset allocator and investor Ana Marshall delivers a thorough and insightful practitioner’s guide to constructing a resilient and profitable institutional portfolio and managing its stakeholders. The book is an essential guide to asset allocation for early-career investors and experienced institutional asset allocators seeking on-the-ground advice and best practices.    \u003c\/p\u003e\u003cp\u003e\u003cb\u003ePraise for The Climb to Investment Excellence\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e“In \u003ci\u003eThe Climb to Investment Excellence\u003c\/i\u003e, Ana Marshall provides a comprehensive behind-the-scenes look at modern day endowment management. She offers a unique perspective derived from decades of investment experience combined with the judgment that comes from a skilled practitioner and introspective and wise leader. This is a must-read for every financial market participant.” \u003cbr\u003e\u003cb\u003e—Seth A. Klarman,\u003c\/b\u003e CEO and Portfolio Manager, The Baupost Group  \u003c\/p\u003e\u003cp\u003e“Ana Marshall is one of the world’s leading CIO’s. She deeply understands that successful investing is both an art and a science that requires excellence in both intellect and intuition. In this book she expertly passes on the wisdom gained during an exemplary career as the CIO of the Hewlett Foundation.”\u003cbr\u003e\u003cb\u003e—Sir Christopher Hohn,\u003c\/b\u003e CEO and Founder, TCI \u003c\/p\u003e\u003cp\u003e“Ana Marshall has written a thought-provoking handbook for investment managers. Required reading for all CIOs.”\u003cbr\u003e\u003cb\u003e—Paul Singer,\u003c\/b\u003e Founder and Co-CEO, Elliott Management \u003c\/p\u003e\u003cp\u003e“This book provides a well-constructed recipe for managing large sums of capital, from setting a cohesive strategy, to implementing a well-defined investment program, managing risk, and motivating teams to endure market downturns and excel over the long term.”\u003cbr\u003e\u003cb\u003e—Doug Leone,\u003c\/b\u003e Sequoia Capital \u003c\/p\u003e\u003cp\u003e“Investing is all about spending quality time with quality people, and Ana Marshall personifies this principle. Any fiduciary would benefit from the experience and wisdom Ana shares in her book.”\u003cbr\u003e\u003cb\u003e—Lei Zhang,\u003c\/b\u003e Founder and CEO, Hillhouse Capital \u003c\/p\u003e\u003cp\u003e“A clear and practical roadmap for the next generation of fiduciaries and investors.” \u003cbr\u003e\u003cb\u003e—Marc Andreessen,\u003c\/b\u003e Co-Founder and General Partner, Andreessen Horowitz  \u003c\/p\u003e\u003cp\u003e“Institutional pools of capital are among the least understood and most important investment pools in the world. After nearly four decades in the trenches, half as a direct investor and half on the buy side of the buy side, Ana deeply understands the investment process employed by institutional Chief Investment Officers.  In \u003ci\u003eThe Climb to Investment Excellence\u003c\/i\u003e, she shares both the building blocks of how it all works and her unique insights into each aspect of the process. Her work is a must read for those seeking to understand how this opaque corner of the investment world operates.”\u003cbr\u003e–\u003cb\u003eTed Seides, Capital Allocators\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“Ana Marshall’s book is required reading for anyone managing money or anyone looking to learn how to become an excellent investor—or simply looking to be inspired by the idea of investing well and doing good with it. Ana does a great job in distilling complex subjects into actionable decisions, as well as provide valuable insights on themes not normally covered well in books on investing—the importance of relationships with boards, committees, investment managers, and her team cannot be understated.”\u003cbr\u003e–\u003cb\u003eJames Manyika, SVP Google-Alphabet, Chair and director emeritus, McKinsey Global Institute\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“Ana demystifies long-term investing by sharing both her direct experience and the intelligence she has gathered over the last 20 years as a successful practitioner. This book is essential reading for anyone involved in a voluntary or professional basis managing long term pools of capital. There is a chapter for everyone: trustees, board\/committee members, fellow CIOs and their team members. Also highly recommended reading for General Partners and investment managers who manage non-profit money, it provides deep insight into the governance and investment practices of their investors enabling both to build stronger partnerships.”\u003cbr\u003e–\u003cb\u003eSandra Robertson, CEO and CIO Oxford University Endowment Management\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e “This is a ‘must read’ book for investment committee and board members responsible for overseeing large sums of capital and setting the standards to achieve excellence. Very few investment professionals have been as thoughtful about the investment process as Ana. Add to that her innate ability to join the dots from disparate pieces of information and data, and you have the winning performance she has demonstrated.”\u003cbr\u003e–\u003cb\u003eBoon Hwee Koh, Board Member GIC and Singapore Stock Exchange\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e “A clear and practical roadmap for the next generation of fiduciaries and investors.”\u003cbr\u003e–\u003cb\u003eMarc Andreessen, Co-Founder and General Partner Andreessen Horowitz\u003c\/b\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990188572901,"sku":"NP9781394206698","price":29.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781394206698.jpg?v=1761786845","url":"https:\/\/k12savings.com\/products\/the-climb-to-investment-excellence-isbn-9781394206698","provider":"K12savings","version":"1.0","type":"link"}