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The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets de [Faber, Mebane T., Richardson, Eric W.]
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The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets 1 , Versión Kindle

2.5 de un máximo de 5 estrellas 2 opiniones de clientes

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Descripción del producto

Críticas

"The most useful recent book could be The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets , by money managers Mebane Faber and Eric Richardson, who work at Cambria Investment Management. They analyze how the endowments of Harvard and Yale posted such world-beating performance. Then they offer a simplified model that regular people can adopt." ( BusinessWeek , April 9, 2009) "Markets left investors almost no place to hide last year, with nearly every asset class heading south. Money manager Mebane Faber of Cambria Investment Management outperformed by a mile, however... Faber is co-author of the The Ivy Portfolio , which details his approach. Following the investment tenets of the Harvard and Yale endowments (which until last year both had sterling performance) but without using their riskier alternative assets, he demonstrates how to outperform with lower volatility." ( Barron's , April 27, 2009) "Does The Ivy Portfolio deserve a spot on Dad's bookshelf? With its graphics, tables and step-by-step guidance, the book is often more straightforward than a college financial aid form." ( Wall Street Journal , June 16, 2009) "We all know that the most impressive investment returns are from endowment funds and in particular, Yale and Harvard. Faber and Richardson take us inside these two funds and show us how to replicate that model for our portfolios. The Ivy Portfolio is an easy-to-read and -understand book that will make the process of asset allocation and investment easier for readers. And in light of the recent market turmoil, its lessons are even more important." - John Mauldin , author of the bestselling Bull's Eye Investing and the weekly newsletter Thoughts from the Frontline "Meb Faber makes a most compelling case for quantitative active asset allocation. Investors of all levels of sophistication will benefit handsomely from the insights and analyses presented in The Ivy Portfolio." - Rob Arnott , Chairman, and Jason Hsu, Chief Investment Officer, Research Affiliates; coauthors of The Fundamental Index: A Better Way to Invest

Descripción del producto

A do-it-yourself guide to investing like the renowned Harvard and Yale endowments.

The Ivy Portfolio shows step-by-step how to track and mimic the investment strategies of the highly successful Harvard and Yale endowments. Using the endowment Policy Portfolios as a guide, the authors illustrate how an investor can develop a strategic asset allocation using an ETF-based investment approach.

The Ivy Portfolio also reveals a novel method for investors to reduce their risk through a tactical asset allocation strategy to protect them from bear markets. The book will also showcase a method to follow the smart money and piggyback the top hedge funds and their stock-picking abilities. With readable, straightforward advice, The Ivy Portfolio will show investors exactly how this can be accomplished—and allow them to achieve an unparalleled level of investment success in the process.

With all of the uncertainty in the markets today, The Ivy Portfolio helps the reader answer the most often asked question in investing today - "What do I do"?


Detalles del producto

  • Formato: Versión Kindle
  • Tamaño del archivo: 7182 KB
  • Longitud de impresión: 240
  • Editor: Wiley; Edición: 1 (1 de abril de 2009)
  • Vendido por: Amazon Media EU S.à r.l.
  • Idioma: Inglés
  • ASIN: B001ULD5BY
  • Texto a voz: Activado
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  • Word Wise: Activado
  • Tipografía mejorada: No activado
  • Valoración media de los clientes: 2.5 de un máximo de 5 estrellas 2 opiniones de clientes
  • Clasificación en los más vendidos de Amazon: n.° 148.369 de Pago en Tienda Kindle (Ver el Top 100 de pago en Tienda Kindle)
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Opiniones de clientes

2.5 de un máximo de 5 estrellas
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Formato: Tapa blanda
El libro es un análisis de los métodos de inversión aplicados por el Fondo (Endowment) de la Universidad de Yale.
Es un panegírico escrito a la mayor gloria del equipo de gestión de Yale (chínchate Harvard), que consiguió convertir el endowment en el más rentable de todas las universidades de Estados Unidos.
He quedado muy decepcionado con la lectura: apenas se exponen ideas útiles de gestión que sean aplicables para el inversor particular. El libro es de 2008, justamente un año antes de que el fondo sufriera cuantiosas pérdidas, si bien es cierto que desde entonces ha podido resarcirse de ellas.
A pesar de que el director del Fondo de Yale, David F. Swensen, sea una referencia imprescindible para la gestión pasiva, en el libro se defiende la gestión activa, pero sin entrar en demasiado detalle. Por ejemplo, se recomienda invertir un 20% de los recursos en Hedge Funds y otro tanto por ciento en Private Equity. Está claro que la Universidad de Yale tiene toda una red de ex alumnos que le pueden pasar información de primera mano a los gestores para que inviertan en start-ups de éxito. De hecho, el fondo consiguió grandes rentablidades en Linkedin, lo que da muestra del poder de información del que dispone gracias al networking con los alumni. Son contextos de inversión irrealizables para un inversor particular.
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Formato: Tapa blanda
El autor propone un método para invertir seguidor de tendencia de largo plazo y diversificando entre diferentes clases de activos. Presenta el método detalladamente y examina varias variantes en las que se concluye que no hay ventaja en usar tal o cual periodo para los indicadores. Simplemente, busca evitar las grandes caídas del mercado.

Sin embargo, creo que buena parte del libro en la que comenta como funcionan los endowments y su track-record debería ser mucho más breve, porque no es esencial ni mucho menos para lo que quiere transmitir el libro.

M. Faber ha escrito varios papers que pueden descargarse en su web en los que detalla lo esencial del sistema. Aunque en el libro se presenta mejor, haciendo un todo con los distintos papers.

De todas formas es un libro bastante breve y vale lo que cuesta.
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Opiniones de clientes más útiles en Amazon.com (beta) (Puede incluir opiniones del Programa de Recompensas de Opiniones Iniciales)

Amazon.com: 4.3 de un máximo de 5 estrellas 157 opiniones
4.0 de un máximo de 5 estrellas Excellent read and history of the success of certain Ivy ... 28 de abril de 2016
Por TRS LAW - Publicado en Amazon.com
Formato: Tapa dura Compra verificada
Excellent read and history of the success of certain Ivy League investment portfolios of the schools' endowment funds. Remarkably simple strategy that seems to have worked well over the years; well illustrated with investment results over the years. I took a substantial sum of money and invested in the IVY 5 and then set up a "dummy" portfolio of the IVY 20 and found that both tracked about the same, since my investment has been made two months ago; the IVY 5 did a very small bit better, but the IVY 20, is obviously more diversified, but still within each of the Five major categories of investments. Each portfolio is up just under 3% over the past two months and all five categories have increased. For non-professional investors, note the book indicates that if you use the IVY 5 you will need to reallocate at least each year, while if you invest in the IVY 20, you will need to do so quarterly or semi-annually. I recommend this book.
5 de 5 personas piensan que la opinión es útil
4.0 de un máximo de 5 estrellas A lucid outline of how to build a well diversified portfolio 9 de diciembre de 2011
Por Ashish Singal - Publicado en Amazon.com
Formato: Tapa blanda Compra verificada
Faber has a unique gift to bridge the divide between quantitative asset allocation techniques and plain English. I first read his paper on tactical asset allocation and have been a big fan ever since. This book is centered first around how Yale and Harvard build their portfolios to outperform the market -- by diversifying into different asset classes, including illiquid and inefficient ones where alpha is easier to find, and hiring managers to add the extra kick to beat the benchmarks. In the second part of the book, he describes the paper and the asset rotation strategy I mentioned above. The final part of the book talks about a replication strategy using 13F filings to mimic the portfolios of top managers. He describes each of these three strategies lucidly. I also really like his ample use of references to books, companies and talents of others in the investment management profession, and I've got quite a list of additional reading material from his recommendations and citations throughout this book.
4 de 4 personas piensan que la opinión es útil
5.0 de un máximo de 5 estrellas The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets 3 de mayo de 2010
Por J. M. Williams - Publicado en Amazon.com
Formato: Tapa dura Compra verificada
This is a great book with a strategy on the entrance and exit of markets, for those who have no strategy at all. It is written in a language that most all of us, from beginners to seasoned veterans, can easily understand. If you are a buy-and-holder, you probably will not like the book as much, although it might open up a new way of looking at the different philosophies of investment.

In my opinion, the absolute best thing about the book is that it gives a foolproof method of entry and exit timing. In addition, it supplies sample portfolios that attempt to mimic the Yale and Harvard investments that have been so successful. These portfolios can be constructed by the individual investor with suggested ETFs--from the simple five sector model to the complex twenty sector model.

One drawback: There are lots of technical charts and these are small and hard to read; but, fortunately, the author places most of these in the appendices.

(The author has a blog where one can follow his readings and advice. Once a month the author posts a newsletter telling one whether to enter, exit, or remain in the market. One can attain this service without even buying the book.)
2 de 2 personas piensan que la opinión es útil
5.0 de un máximo de 5 estrellas This is the right book at the right time 29 de noviembre de 2009
Por Investment Book Reader - Publicado en Amazon.com
Formato: Tapa dura Compra verificada
After the brutal bear market of 2008, and the second such bear market of the last decade, many individual investors are searching for a methodology that can protect them from major market declines. Mebane Faber introduces a simple, yet very effective solution to this dilemma. While utilizing a moving average to produce buy and sell signals in the markets is nothing new, Mr. Faber's back testing of the combination of a technical moving average approach with more traditional asset allocation techniques has produced some startling results. I am not sure if many investors will have the discipline to stick with this kind of approach, but the results speak for themselves. Market-beating returns accompanied by lower overall volatility is a desirable combination. I am particularly impressed that Mr. Faber originally introduced this approach before the 2008 bear market. Coincidentally, his approach would have truly earned its stripes last year, since it would have moved an investor out of stocks and into cash before the worst damage occurred.

I have not run the numbers, but I would venture to guess that the strategy returns may have been fairly close to the market returns were it not for 2008, when the strategy's level of out-performance was dramatic. Even so, I believe that many investors would be happy to match the market returns with significantly less volatility over time. Also, I am not sure if an ETF portfolio will be able to match Ivy endowment returns going forward, since these endowments consistently introduce leading edge strategies from some of the top minds in the investing world. Still, given the current choices for the individual investor, Mr. Faber's strategy may very well be the best opportunity to introduce many of the more esoteric allocations of Ivy endowments into the portfolios of individuals.

In short, I found this book to be a very worthwhile read. It deserves consideration, given the volatility that we all face in the current and future global investment landscape.
22 de 23 personas piensan que la opinión es útil
5.0 de un máximo de 5 estrellas A "How To" Book that Delivers on its Promise 7 de agosto de 2009
Por A. Cudzewicz - Publicado en Amazon.com
Formato: Tapa dura Compra verificada
The subtitle to The Ivy Portfolio is "How to Invest Like the Top Endowments and Avoid Bear Markets." In my opinion this book delivers on that promise. That is saying a lot.

I have read many investment books that present great strategies that have been exhaustively researched, outlined in detailed, academically vetted, but are totally useless because they are too complicated, too expensive, or impractical for the ordinary investor to follow. This book is not one of those. For example, in the first part of this book the authors detail how top endowments, like Harvard and Yale's endowments invest their billions. I have read about those strategies before, but other authors conclude that those endowments have access to managers or investment opportunities that the ordinary investor doesn't. So don't waste your time, you can't duplicate it. It leaves you hanging -- in awe of their great investment returns, but assured that they are out of reach. Faber and Richardson don't do that. While acknowledging the special circumstances multi-billion dollar endowments enjoy, they do suggest ways that an investor without billions can emulate the strategies the top endowments employ. They even name the specific Exchange Traded Funds that can be used to follow the endowments strategies. That is very convenient, practical and helpful.

The second part of the book deals with a Tactical Asset Allocation strategy. Again I have read about many timing strategies that have a high failure rate, or require you to be glued to your computer's display to make them work. I don't want to be a day trader. The authors outline a timing strategy that only requires once a month observations -- practical for the investor who already has a full time job, or an otherwise busy life. It is a strategy that they have thoroughly backtested to show that it has improved historical portfolio returns. But more importantly, their strategy significantly reduces a portfolio's volatility. It is summed up in the book's chapter on "Winning by Not Losing." For the critics who may claim that the author's strategy was just data mining -- remember that Faber's original white paper was written in 2006 before the 2007-2009 bear market. If you had been following the timing strategy, you would have avoided a significant part of the market decline over the last two years.

I highly recommend this book, not only for what you can learn, but for presenting a roadmap you can actually follow.
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