137****61082024-01-23 22:38:21
137****6108Canada model 不适合小机构投资者 endowment model 不适合大机构投资者 对吗
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王苏云2024-01-25 11:37:38
王苏云同学，你好：
The endowment model is difficult to implement for small institutional investors as they might not be
able to access high quality managers. It might also be difficult to implement for very large institutional investors because of their very large footprint.
也就是说，endowment model 对太小和太大的机构投资者都有一定的实施缺点, 因为小型机构投资者可能无法获得高质量的管理人员，对于非常大的机构投资者来说，它也可能很难实现，因为他们的资金体量太大了。
canada model由于high allocation to alternatives，对较小的机构投资者确实是不适用的。它的缺点主要在于Potentially expensive and difficult to manage.（贵并且难管理）
继续加油~
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endowment model 对太小和太大的机构投资者都有一定的实施缺点, 因为小型机构投资者可能无法获得高质量的管理人员，这里我有疑问,endowment model 不是outsourcing 的吗
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同学，你好：
首先，你说的对， endowment model 是 外包基金经理管理资产。
原版书是这样描述的：The endowment model is characterized by a high allocation to alternative investments (private investments and hedge funds), significant active management, and externally managed assets.（翻译一下：另类配置高、主动管理、外包）
另外，endowment model 适用于这样的机构投资者：长期投资，风险容忍度高，相对较小的流动性需求，有能力寻找另类投资。原版书是这样描述的： The endowment model is appropriate for institutional investors that have a long-term investment horizon, high risk tolerance, relatively small liquidity needs, and skill in sourcing alternative investments (the nature of alternative investments is such that there is large variation between the worst and best performing asset managers, and selecting the right manager is therefore critically important).
你看，如果机构投资者的类型太小，它是很难去找到这样一个合适的高质量的管理人员的。毕竟找到高质量的管理人员，需要时间、精力、金钱等等因素。所以 endowment model 不适合小型机构投资者。
继续加油！
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