Foundation and Endowment Investing

LAWRENCE E. KOCHARD, PHD, CFA, is Chief Investment Officer of the Georgetown University endowment and a widely recognized leader in the foundation and endowment investing community. Previously, he was managing director of equity and hedge fund investments for the Virginia Retirement System and an adjunct finance professor at the University of Virginia. Kochard was also a vice president with Goldman Sachs. CATHLEEN M. RITTEREISER is an alternative investments marketing and business development executive specializing in foundations, endowments, and other institutional investors. Her experience includes Alternative Asset Managers, LP, an emerging manager investment fund, Symphony Asset Management, a Nuveen Investments company, and Merrill Lynch. Rittereiser's Web site is www.cathleenrittereiser.com.

• Preface ixAcknowledgments xiiiAbout the Authors xvPART ONE Foundations and Endowments Rise as Powerful Institutional InvestorsCHAPTER 1 The Evolution of Foundation and Endowment Investment Management 3From Poorhouses to PowerhousesCHAPTER 2 Foundation and Endowment Investing 101 19Essential Practices of a Successful CIOCHAPTER 3 The Investment Landscape 43  You Are HerePART TWO Profiles in Capital: Philosophies and Strategies from Leading Foundation and Endowment Chief Investment OfficersCHAPTER 4 Another Sage of Omaha 63Laurie Hoagland, CIO, Hewlett FoundationCHAPTER 5 Doctor, Lawyer, Investment Chief 77Dr. Allan S. Bufferd, Treasurer Emeritus, Massachusetts Institute of TechnologyCHAPTER 6 Leading the Evolution 93Alice Handy, CIO, Investure, LLCCHAPTER 7 Partner, Patriot, and Performer 109Scott C. Malpass, CIO, University of Notre DameCHAPTER 8 Built an Endowment through Common Sense 127William Spitz, CIO, Vanderbilt UniversityCHAPTER 9 Investment Artist with Her Own Perspective 143Ellen Shuman, Vice President And CIO, Carnegie Corporation of New YorkCHAPTER 10 Master of All Trades 157Bruce Madding, CIO, Henry J. Kaiser Family FoundationCHAPTER 11 Agile Investment Engineer 173Bob Boldt, CIO, Agility FundsCHAPTER 12 Driven by Intellectual Curiosity 191Donald W. Lindsey, CIO, George Washington UniversityCHAPTER 13 The CIO as CEO 205Jonathan Hook, CIO, Baylor UniversityCHAPTER 14 Navigating New Investment Waters 225Daniel J. Kingston, Managing Director, Portfolio Management, Vulcan CapitalCHAPTER 15 Invest without Emotion, Act with Conviction 241Mark W. Yusko, Chief Investment Officer, Morgan Creek Capital  ManagementPART THREE Summary and Analysis: Key Points on Investments, Endowment Management, and the FutureCHAPTER 16 Lessons for Investors 265Investment Principles and AdviceCHAPTER 17 The Business of Foundation and Endowment Investment Management 273Impact of Comparison, Competition, and CompensationCHAPTER 18 Real Rewards 279Investing is a People BusinessNotes281Index285

"…informative and entertaining…an excellent resource for anyone who is considering a career move into this field or who has not-for-profit organizations as clients." (Financial Analysts Journal, July/August 2008)