Handbook for Investment Committee Members: How to Make by Russell L. Olson

By Russell L. Olson

Complete insurance of what it takes to be a dependable member of an funding committee In a transparent, prepared, and easy-to-understand demeanour, this guide explains the duties and expectancies of funding committee fiduciaries for pension money, endowment cash, and foundations. Emphasizing all of the do's and don'ts to persist with for prudent funding administration, this priceless source covers themes starting from funding coverage, asset allocation, and possibility evaluate to knowing info awarded at committee conferences, asking significant and effective questions, and balloting on strategies knowledgeably. This ebook will empower readers with all of the wisdom they should suppose convinced within the funding judgements they make for his or her organisations.

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A frequent message we hear is that anyone who is involved in derivatives transactions is tempting fate, and that sooner or later major losses will be suffered as derivatives positions inevitably go wrong. Such messages are misleading. Properly used, derivatives have been and will continue to be a source of risk reduction and enhanced investment performance for many participants. Therefore, any manager who is not looking at how derivatives can be employed to manage financial and economic risks, or to enhance yields, is doing his or her investors a disservice.

CORRELATION “Correlation” is a term of investment jargon whose great importance is often underappreciated. Correlation compares the historical relationship of the returns of Stock A (or Portfolio A) with those of a market index or of any other asset with which we want a comparison. Do returns on the two move together? Or do they march to different drummers? 0 between Stocks A and B means they have always moved exactly together. 0 means they have always moved exactly opposite to one another. A correlation of 0 means 32 RISK, RETURN, AND CORRELATION there has been no relationship whatsoever between the returns of Stocks A and B.

Stocks. S. S. stocks. S. S. stocks; the lower the correlation the better. Diversifiable risk is a critically important concept that we can put to great advantage, as we shall see later in this book. What To Do About Risk All of the risks we’ve mentioned are important. We must understand them all and treat them with due respect. But we must place each into proper perspective and not allow ourselves to become traumatized by risk. If we have a good understanding of the risks, then we should be looking for ways to use risk to our advantage.

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