Investing in Pension Funds and Endowments : Tools and by Russell L. Olson

By Russell L. Olson

''For greater than twenty years i've got prominent the diligence and resourcefulness of Rusty Olson within the clever administration of fiduciary investments. Institutional executives in all countries will want to learn his skilled advice.''-John M. Templeton, founder, Templeton funding Counsel''Rusty Olson has supplied a reader-friendly travel during the advanced jungle of making an investment, mentioning either the possibilities and pitfalls that lie sooner than these liable for different People's funds. immediately confident and skeptical, his acceptance because the consummate funding expert shines via on each page.''-John C. Bogle, founder, the leading edge GroupOn the heels of Enron and different high-profile debacles, the functionality of pension fund managers is certainly one of brand new hot-button themes. making an investment in Pension money and Endowments offers instruments and information for managers to function prudently whereas reaching the excessive charges of go back required for winning longterm asset development. This obtainable how-to reference covers all elements of tax-free making an investment for pension cash, endowments, trusts, and foundations.

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Higher risk does not necessarily mean higher return. Casinos, for example, can be high risk, but for the gambler they all have a negative expected return. What is risk? Most fundamentally, risk is the probability of losing money, or that the value of our investment will go down. S. Treasury bills and insured bank accounts have some reasonable probability of losing money. Other risks include the following: • Loss of Buying Power. We could go many years without losing money and yet have suffered real risk.

The methodology for this type of calculation is described in Appendix 1A at the end of this chapter. 18 Chapter 1 responsibility for the timing of his investments. That is a critically important assumption. But is it an appropriate assumption? It depends. Let’s say we placed $1,000 with Investment Manager A, and after he achieved a 10% return the first year, we gave him an additional $5,000, and then the stock market dropped 10% and Manager A’s investment did also. 8 Shouldn’t Manager A have known better than to put our money in the stock market just before it went down?

Contemplate the wrong conclusions we might reach if we were using the wrong benchmark for a particular manager! Again, consultants make available various indexes of small growth stocks and small value stocks. The same caveats as for large growth stocks apply here. What if a manager invests in all kinds of stocks—big ones and small ones, and different kinds of stocks at different times? S. S. ). The results of these two indexes are similar. Other indexes are also available—mid-cap and micro-cap indexes, for example.

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