Updates

  1. Person pages list letters, writing, profiles and links as sortable tables with filters, and show each person's companies as links; Fund letters show each letter's description in its own column.
  2. Experts show a checked job title and a short description of each person; 30 more people have photographs.
  3. Every company, fund, university and publication the experts work for has a page listing the people there.
  4. Fund letters show each letter's thesis and filter by it; 225 person pages list the essays, columns and newsletter issues the person wrote.
  5. Person pages list every essay and newsletter issue a person wrote, and their own books as a table in List view.
  6. Recommends shows the five largest kinds of book and the rest under More; browse pictures load sooner.
  7. Podcasts and talks link the original episode, filter by Audio and video or Press, and list each publisher once.
  8. Pages are wider, Recommends has List and Grid, and a filter clicked again turns off.
  9. Book cards sit in a ruled grid with Open Library and Goodreads links and each book's one-line note.
  10. Funds is now Investors; each investor's styles are buttons that filter the table.
  11. Podcasts and talks on a person's page filter by year and publisher and show as a list or a grid of pictures.
  12. Quotes show only people's own words: 472 summaries written by list sites are gone.
  13. Country pages open from Browse again, and every link on the shelf lands on a page.
  14. Subject and person pages show their sections as tabs, and each book appears once on a person's page.
  15. Book cards show the quote, who said it and the source; grids show five cards to a row.
  16. On a phone, a menu holds the sections, search, Updates, Feedback and dark mode.
  17. Feedback takes a screenshot of the page with no browser prompt, opens a screenshot full size when you click it, and clears itself once sent.
  18. Book cards are centred, search names the topic each book sits in, and any text cut short shows whole on hover.
  19. Search groups its results by kind: people, companies, geographies, subjects, topics, books, funds, fund letters and papers.
  20. The Books table lists who recommended each book by name, and the browser tab names the section you are in.
  21. Feedback can take a screenshot of the page, or one you paste or choose, and opens in the corner beside Updates.
  22. Each rail button reopens its section where you left it, and Browse, Table and People show on every book and subject page.
  23. Filters grey out choices that hold nothing instead of hiding them, and Books › People filters by authors or recommenders.
  24. Feedback takes a subject line and up to three screenshots.
  25. Biographies are grouped by the person they are about: 41 new pages, from Abraham Lincoln to Lee Kuan Yew.
  26. Sport splits into 23 sports, and Religion into one topic per faith.
  27. Book lists show as cards: the cover, one recommendation quote and every recommender by name.
  28. Seventeen subjects that had two or three pages under different names now have one page each.
  29. Every page lists its Experts as authors and recommenders, with a link to them on the Experts tab.
  30. Economics, Financial history, Financial panics and Accounting are subjects of their own, with one page per financial crisis.
  31. Book, person and subject pages open inside the app, so the tabs stay in view.
  32. 996 more book covers, and photographs or logos for 227 more people and companies.
  33. Books › Browse shows every subject as cards, and the rail holds Fund letters, Papers, Experts, Books and Funds.
  34. Every topic over 150 books splits into narrower topics, each with a page of its own.

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Endowment Model and Asset Allocation

Portfolio and risk

Long-horizon, equity-biased, illiquidity-tolerant allocation as practised by university endowments, and the argument about whether anyone else can copy it.

Books 16Experts 7Recommenders 12

Start here

  1. Unconventional SuccessDavid F. Swensen, 2005
  2. Pioneering Portfolio ManagementDavid F. Swensen, 2000
  3. Capital AllocatorsTed Seides, 2021
Winning the Loser's GameWinning the Loser's Game
T1 Winning the Loser's Game
Charles D. Ellis · 1998
Open LibraryGoodreads

Why active investing became a loser's game, decided by errors, not by skill.

“In his marvelous book, Winning the Loser's Game, Charlie Ellis says” — Bill Miller

Source: Bill Miller 2Q 2020 Market Letter

Recommended by: Bill Miller, Mohnish Pabrai, Howard Marks

Pioneering Portfolio ManagementPioneering Portfolio Management
T1 Pioneering Portfolio Management
David F. Swensen · 2000
Open LibraryGoodreads

How the Yale endowment invests, and how institutions can build portfolios like it.

“As David Swensen wrote in his excellent book, "Pioneering Portfolio Management” — Howard Marks

Source: Oaktree memo 'Risk'

Recommended by: Howard Marks, Marc Andreessen and 2 others

Unconventional SuccessUnconventional Success
T1 Unconventional Success
David F. Swensen · 2005
Open LibraryGoodreads

Subtitled A Fundamental Approach to Personal Investment.

“Be sure to also pick up a copy of his book for individual investors— Unconventional Success” — Marc Andreessen

Source: The truth about venture capitalists (Part 3), blog.pmarca.com

Recommended by: Marc Andreessen, Mohnish Pabrai

The Intelligent Asset AllocatorThe Intelligent Asset Allocator
T2 The Intelligent Asset Allocator
William J. Bernstein · 2000
Open LibraryGoodreads

Modern portfolio theory for individual investors, explained without heavy maths.

Recommended by: The Barefoot Investor

Asset AllocationAsset Allocation
T3 Asset Allocation
Roger C. Gibson · 1990
Open LibraryGoodreads

How to divide a client's portfolio across asset classes to balance long-term risk.

Foundation and Endowment InvestingFoundation and Endowment Investing
T3 Foundation and Endowment Investing
Lawrence E. Kochard, Cathleen M. Rittereiser · 2008
Open LibraryGoodreads

Endowment and foundation investment chiefs explain how they run their portfolios.

The Ivy PortfolioThe Ivy Portfolio
T3 The Ivy Portfolio
Mebane T. Faber, Eric W. Richardson · 2009
Open LibraryGoodreads

Wiley. Confirmed on mebfaber.com/books

Sovereign Wealth FundsSovereign Wealth Funds
T3 Sovereign Wealth Funds
Christopher Balding · 2012
Open LibraryGoodreads

How these funds actually invest and what governs them; NBIM as benchmark.

Sovereign Wealth Funds: Legitimacy, GovernanSovereign Wealth Funds: Legitimacy, Governance, and Global Power
T3 Sovereign Wealth Funds: Legitimacy, Governance, and Global Power
Gordon L. Clark, Adam D. Dixon, Ashby H. B. Monk · 2013
Open LibraryGoodreads

The reference on SWF governance; Norges Bank Investment Management is the central case.

Capital AllocatorsCapital Allocators
T3 Capital Allocators
Ted Seides · 2021
Open LibraryGoodreads

How institutional allocators select, size and monitor the managers they hire.

The Pension Fund RevolutionThe Pension Fund Revolution
T4 The Pension Fund Revolution
Peter Drucker · 1976
Open LibraryGoodreads

How employee pension funds came to own a controlling share of American industry.

Country Risk in Global Financial ManagementCountry Risk in Global Financial Management
T4 Country Risk in Global Financial Management
Claude B. Erb, Tadas E. Viskanta · 1998
Open LibraryGoodreads

Research Foundation of the CFA Institute monograph.

When Markets Collide: Investment Strategies When Markets Collide: Investment Strategies for the Age of Global Economic Change
T4 When Markets Collide: Investment Strategies for the Age of Global Economic Change
Mohamed El Erian · 2008
Open LibraryGoodreads

Recommended by: Mohnish Pabrai

MONEY Master the GameMONEY Master the Game
T4 MONEY Master the Game
Tony Robbins · 2014
Open LibraryGoodreads

Interviews with 50 investors, from Dalio to Bogle, turned into money advice.

“…books I've recommended, highlighted to death, or forced on friends.” — Andrew Wilkinson

Source: Andrew Wilkinson's Bookshelf, neverenough.com

Recommended by: Andrew Wilkinson, Nat Eliason, Ray Dalio and 1 other

Strategic Risk Management: Designing Portfol
T4 Strategic Risk Management: Designing Portfolios and Managing Risk
Sandy Rattray, Otto Van Hemert · 2021
Open LibraryGoodreads

Which hedges hold up in equity crashes: bonds, gold, puts, credit protection.

The Aspirational InvestorThe Aspirational Investor
T4 The Aspirational Investor
Ashvin B. Chhabra
Goodreads

Recommended by: Alfred Lin, Graham Duncan

More portfolio and risk

← Concentrated versus Diversified PortfoliosMarket Timing and Tactical Allocation →All portfolio and risk