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Amy Falls, CIO overseeing Northwestern's $14.2 billion endowment, discusses portfolio construction, manager selection, and the unique challenges of running an institutional portfolio during market uncertainty.
Canon
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Falls argues that the best CIOs focus entirely on the quality of their investment process — manager selection, asset allocation, risk management — and detach from short-term performance outcomes they cannot control.
Highlights
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Endowment investing requires a different relationship with time than any other investor
Falls explains that endowments invest with a perpetual time horizon — they must support the university forever. This changes every decision: liquidity needs, risk tolerance, and return expectations all shift when the time horizon is infinite.