Abstract:This paper suggests an alternative method of investing funds managed by endowments and foundations that is largely based on the work of Harry Markowitz, Arnold Zellner, and Nassim Taleb. Recognizing most endowments work around their traditional allocation of capital to bonds and stocks, this paper offers another piece of evidence that alternative methods of protection may be advantageous when their portfolios are constructed with forecasting error in mind.It suggests taking long only positions in two Markowitz… Show more
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