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How Harvard and Yale Beat the Market: What Individual Investors Can Learn from University Endowments to Help Them Prosper in an Uncertain Market Hardcover – April 6, 2009

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Editorial Reviews

From the Inside Flap

Large university endowments like Harvard and Yale have always had to be more innovative than most institutional investors, as they have an almost impossible investment mandate—generate a large enough real return (return after inflation) so the endowment can spend money and avoid risks that could subject the endowment to any losses.

By thinking outside the box about how a portfolio should be managed, many endowments have outperformed the market over the years. Now, with How Harvard and Yale Beat the Market, you'll become familiar with the endowment philosophy of investing and discover how to structure your individual investment endeavors around an endowment-type portfolio.

Author Matthew Tuttle has been involved with the markets in one way or another for almost two decades. During this time, he's developed an in-depth understanding of how large university endowments work and created portfolios for clien-ts based on their investment strategies. With How Harvard and Yale Beat the Market, he shares his extensive experiences with you and puts this proven approach in perspective.

Divided into four comprehensive parts, How Harvard and Yale Beat the Market addresses everything from basic endowment investing principles to integrating endowments' ideas into a profitable portfolio. But before Tuttle talks about how you can invest like an endowment, he discusses the current financial environment and its implications for investors in Part I. In doing so, Tuttle explores why investors make the mistakes they do and how you can avoid them. He also begins to lay the groundwork for thinking about your portfolio the same way endowments do, by examining the issues of endowment portfolio theory, true diversification, and skill-based money managers.

After this informative introduction:

Part II details the different investment vehicles—separately managed accounts (SMAs), exchange traded funds (ETFs), mutual funds, hedge funds, and structured products—you can use to create an endowment type of investment portfolio

Part III highlights the various asset classes-- and strategies—from stocks, managed futures, and private equity to portable alpha—you may want to consider for your portfolio

Part IV takes what you've learned and shows you how to apply it when designing your own portfolio

Large university endowments like Harvard and Yale have revolutionized the investment landscape. Following in their footsteps can deliver consistent performance through superior money manager selection, asset allocation, and portfolio construction. With How Harvard and Yale Beat the Market, you won't need a multimillion-dollar portfolio to invest like an endowment because you'll have the insights and understanding to take on the market at a much more personal level.

About the Author

Matthew Tuttle, CFP, is a partner in the Private Client Group, LLC, and the President of Tuttle Wealth Management, LLC (an investment management strategic alliance of the Private Client Group, LLC). He has been interviewed on CNBC and CNNfn, and is a frequent contributor to Forbes.com, the Wall Street Journal, SmartMoney, and Dow Jones Newswires.


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Product Details

  • Hardcover: 276 pages
  • Publisher: Wiley; 1 edition (April 6, 2009)
  • Language: English
  • ISBN-10: 0470401761
  • ISBN-13: 978-0470401767
  • Product Dimensions: 6.4 x 1 x 9.3 inches
  • Shipping Weight: 12.8 ounces
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (10 customer reviews)
  • Amazon Best Sellers Rank: #2,159,867 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By Robert Morris HALL OF FAMETOP 100 REVIEWERVINE VOICE on May 27, 2009
Format: Hardcover
As Matthew Tuttle makes crystal clear in the Introduction, this book "will not teach you how to find the next great stock. It will not tell you how to tell when you are in a bull or bear market. It will not predict that the Dow Jones Industrial Average is going to 50,000, nor will it predict that it is going down to 5,000. What it will do is teach you the strategies that large college endowments have used to beat the markets with less risk. You can choose to apply these strategies to your portfolio as a whole or as part of your portfolio, whatever makes the most sense to your situation...[it will] provide you with the tools you need to make sure your savings are there when you need it. This book will tell you why it is important for you to invest like the endowments do and how the current financial environment will actually enable you to make substantial profits."

Tuttle carefully organizes his material within four Parts. In Chapters 1-6, he explains the endowment philosophy of investing (he explains the need for "new thinking," reviews common investment mistakes, explains why diversification is the best strategy, identifies the differences between "skills-based money managers" and "style-box-based money managers, " introduces the endowment philosophy, and explains why endowments (as of when he wrote this book) outperform the market and how his reader also can. Then in Chapters 7-9, Tuttle examines various investment vehicles. The material in Part III (Chapters 10-117) covers endowment asset classes and investment strategies, and then in Chapters 18-21, her shares his thoughts about how each reader can design her or his investment portfolio (i.e.
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Format: Hardcover Verified Purchase
In chapter 4, Tuttle gives an absolutely terrible, one paragraph in length, argument for active management. In David Swensen's book, Cheif Investment Officer at Yale, he devotes whole chapters to this subject, and how active management fits into a portfolio. This is critical, because without knowing the role of active management, returns can be adversely affected. Utilizing active management appropriately can really make, or break, a portfolio. Tuttle simply does not give the subject the sufficient analysis it requires. Further, his "go for it" suggestion is simply irresponsible.

Instead of reading this guy's account, go to the horse's mouth: David F. Swensen. Swensen is Yale. Swensen is the guy who got the amazing returns that Tuttle talks about. Why get a terrible, second-hand account when you can go straight to the source?
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Format: Hardcover
This book is ok, but if you really want good investment advice on how to construct and manage your portfolio, read the source directly and go to David Swensen's books. Tuttle runs an investment firm and a lot of the advice he offers is questionable and not fully supported - "investing" in currencies? Come on, currencies are a zero sum game and not an asset class. There are also a number of calculation errors and incorrect or incomplete definitions of important terms like alpha, beta, correlation etc.

On balance, there are some valid points, but a lot of loose ends and sloppy mistakes. Can't recommend.
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Format: Hardcover
How would you invest if you had an unlimited research budget and access to some of the smartest people on the planet to help you make investment decisions? You would invest like Harvard and Yale invest. Now wouldn't it be great if you could tap into their thinking and mimic their portfolios. Well, now you can. Matthew Tuttle's book "How Harvard and Yale Beat the Market," not only shows you what they do, but also shows you how to do it yourself. He starts by explaining how university endowments invest. The bottom line is that they're focused on absolute returns, not 'beating the market.' There's a big difference. They want to make money all the time - not just when the stock market is up. He then shows the various investment vehicles they use to achieve these more consistent returns, followed by the strategies they employ. Then in the final section he shows you how to do it with your own money. If you're dissatisfied with your investment results and think that buying stocks is the only way to make money; read this book. It will expose you to a much better way to invest.
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Format: Hardcover
Tuttles book isnot the usual book on investing. Most of the other books are a rehash of the standard rundown of stocks and bonds. This book goes into other investing sectors and strategies, such as managed futures, structured products, absolute return etc, providing definitions and useful hints as to how to make the information actionable. All of this is backed up by the proven success of these strategies by the managers of the Yale and Harvard endowment managers. I've read many books on investing, but I especially like this one because it ventures off the beaten path into seldom discussed, but profitable investing areas, for example, with managed futures you can make money in up or down markets. I intend to use this book as a permanent reference.
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