This paper discusses the evaporation of liquidity during and after the recent credit crisis and calls into question key assumptions about asset allocation to alternatives that are at the core of the so-called "endowment model." With that collective soul-searching in mind along with the need to strike a balance between risk and return—the paper sets out to determine whether an optimal level for a liquidity allocation exists and, if so, how that changes subject to various investment constraints
Defending the "Endowment Model" (pdf)
Questions
For further information contact your J.P. Morgan representative or email: jpmam.info@jpmorgan.com
Defending the "Endowment Model" (pdf)
Questions
For further information contact your J.P. Morgan representative or email: jpmam.info@jpmorgan.com