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Wise Money: Using the Endowment Investment Approach to Minimize Volatility and Increase Control by Daniel Wildermuth

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8International Equities

AMAZINGLY, EVEN AS RECENTLY AS 10 YEARS AGO, INVESTING IN international equities was seen as exotic and unusually risky. Because the United States has such a large economy and its equity market is so much bigger than any other country’s, the average U.S. investor could easily afford to ignore markets outside the country’s borders. In addition, the 20-year U.S. stock market history preceding the year 2000 was excellent and richly rewarded investors focused solely on the United States.

In spite of the success of U.S. markets, endowments recognized the possible performance and diversification benefits of markets overseas. In 2000, Yale already targeted an international market allocation of 40 percent of its total public equity ...

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