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The Journal of Portfolio Management

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Where’s Tobin? Protecting Intergenerational Equity for Endowments: A New Benchmarking Approach

M. Barton Waring and Laurence B. Siegel
The Journal of Portfolio Management November 2022, 49 (1) 47-80; DOI: https://doi.org/10.3905/jpm.2022.1.424
M. Barton Waring
is the retired former chief investment officer for investment policy and strategy, emeritus, at Barclays Global Investors in Anacortes, WA
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Laurence B. Siegel
is the Gary P. Brinson Director of Research at the CFA Institute Research Foundation and the investment thought leader at the Foundation Financial Officers Group in Wilmette, IL
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The Journal of Portfolio Management: 49 (1)
The Journal of Portfolio Management
Vol. 49, Issue 1
November 2022
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Where’s Tobin? Protecting Intergenerational Equity for Endowments: A New Benchmarking Approach
M. Barton Waring, Laurence B. Siegel
The Journal of Portfolio Management Oct 2022, 49 (1) 47-80; DOI: 10.3905/jpm.2022.1.424

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Where’s Tobin? Protecting Intergenerational Equity for Endowments: A New Benchmarking Approach
M. Barton Waring, Laurence B. Siegel
The Journal of Portfolio Management Oct 2022, 49 (1) 47-80; DOI: 10.3905/jpm.2022.1.424
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  • Article
    • Abstract
    • SPENDING RULES AND SPENDING RULE BENCHMARKS
    • STRICT TOBIN: FULLY HEDGE THE SPENDING PLAN TO PROTECT FUTURE SPENDING?
    • EXPECTED TOBIN: BENCHMARKING WITH AN AGGRESSIVE INVESTMENT STRATEGY
    • TOBIN—WHO’S TOBIN? APPLYING A BENCHMARK IN A CASE STUDY
    • SMOOTHING AND A LAW OF CONSERVATION OF RISK
    • AH, THERE’S TOBIN! MANAGING THE PROBABILITY OF PROTECTING SPENDING POWER
    • A SHORT ASIDE: TWO QUESTIONS THAT SEEM TO ALWAYS COME UP
    • SUMMARY AND CONCLUSIONS
    • ACKNOWLEDGMENTS
    • APPENDIX
    • ENDNOTES
    • REFERENCES
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