"This is a terrific book–required reading for any CIO responsible for the management of long-term investment portfolios."
—Lyn Hutton, Chief Investment Officer, Commonfund

"In my judgment—a must-read for every chief investment officer or strategist."
—Allan S. Bufferd, Treasurer Emeritus, MIT

"Shed(s) . . . light on . . . [endowment] portfolios during the financial crisis, and why their pain was predictable,inevitable, and . . . necessary for long-term success."
—Andrew K. Golden, President, Princeton University Investment Company

"This is a must-read for every institutional investor concerned with portfolio risk management. Full of important insights and robust analyses."
—Ian Kennedy, former global director of research, Cambridge Associates

"An elegant, rigorous, and articulate examination of . . . the endowment model . . . and why skillful implementation is always crucial."
—Charles D. Ellis, author, Winning the Loser's Game

"Is the endowment model broken? The answer, as provided . . . [in this] . . . appealing mix of analysis and common sense . . . is 'No'."
—Jack R. Meyer, Managing Partner and CEO, Convexity Capital

"A penetrating analysis of the trend towards allocating into multiple asset classes that shows when such diversification helps to control fund-level risk—and when it does not!"
—Jim Simons, Chairman, Renaissance Technologies LLC

"All-in-all . . . a balanced and exceptionally thoughtful study . . . that is sorely needed . . . a lot of great insight into basic finance and investing. Heartily recommended."
—Clifford Asness, Chairman, AQR Investments

"A valuable new approach that probes more deeply into the various forms of diversification."
—Frank J. Fabozzi, Professor in the Practice of Finance, Yale School of Management, and Editor, Journal of Portfolio Management

"A major advance in . . . investing for endowments . . . provides a way to incorporate . . . 'alphas' into a risk/return framework . . . I think the book is great."
—David Booth, CEO, Dimensional Fund Advisors

"Many institutional funds may find this framework insightful for asset allocation and risk management purposes."
—Roger Clarke, Chairman, Analytic Investors, Inc.

"A compendium of insightful and actionable principles for the endowment space. . . an important . . . framework for success for many institutional portfolios."
—H. Gifford Fong, President, Gifford Fong Associates

"A must-read for assessing . . . the future of this trusted model. This very readable book calls for maintaining the endowment model but adjusting our time horizons."
—Edgar Sullivan, Managing Director, Promark Global Advisors (formerly General Motors Asset Management)