Martin L. Leibowitz is a managing director with Morgan Stanley Research Department’s global strategy team. Over the past eight years, he and his associates have produced a series of studies on such topics as asset allocation, policy portfolios, rebalancing strategies, asset/liability management, and duration targeting in bond portfolios.
Prior to joining Morgan Stanley, Mr. Leibowitz was vice chairman and chief investment officer of TIAA-CREF from 1995 to 2004, with responsibility for the management of over $300 billion in equity, fixed income, and real estate assets. Previously, he had a 26-year association with Salomon Brothers, where he became director of global research, covering both fixed income and equities, and was a member of that firm’s Executive Committee.
Mr. Leibowitz received both A.B. and M.S. degrees from The University of Chicago and a Ph.D. in mathematics from the Courant Institute of New York University.
He has written over 200 articles on various financial and investment analysis topics, and has been the most frequent author published in both the Financial Analysts Journal (FAJ) and the Journal of Portfolio Management (JPM). Ten of his FAJ articles have received the Graham and Dodd Award for excellence in financial writing. In February 2008 an article written by Mr. Leibowitz and his associate Anthony Bova was voted Best Article in the 9th Annual Bernstein Fabozzi/Jacobs Levy Awards by the readers of JPM.
In 1992, Investing, a volume of his collected writings, was published with a foreword by William F. Sharpe, the 1990 Nobel Laureate in Economics. In 1996, his book Return Targets and Shortfall Risks was issued by Irwin Co. In 2004, two of his books were published: a compilation of studies on equity valuation, titled Franchise Value (John Wiley & Co.), and a revised edition of his study on bond investment, Inside the Yield Book (Bloomberg Press). The first edition of Inside the Yield Book was published in 1972, went through 21 reprintings, and remains a standard in the field. The second edition includes a foreword by noted economist Henry Kaufman. In 2008, Mr. Leibowitz co-authored a book which focused on active equity strategies, Modern Portfolio Management (John Wiley & Co.). Another volume, The Endowment Model of Investing, co-authored with Anthony Bova and Brett Hammond of TIAA-CREF, was published in 2010, also by John Wiley & Co. Peking University Press has published a Mandarin edition of The Endowment Model, released in March, 2012.
Mr. Leibowitz has received three of the CFA Institute’s highest awards: the Nicholas Molodowsky Award in 1995, the James R. Vertin Award in 1998, and the Award for Professional Excellence in 2005. In October 1995, he received the Distinguished Public Service Award from the Public Securities Association, and in November 1995 he became the first inductee into The Fixed Income Analyst Society’s Hall of Fame. He has received special Alumni Achievement Awards from The University of Chicago and New York University, and in 2003 was elected a Fellow of the American Academy of Arts and Sciences.
Mr. Leibowitz serves on the investment advisory committee of Singapore’s GIC, the Harvard Management Corporation, the Carnegie Corporation, the Rockefeller Foundation, and the Institute for Advanced Study in Princeton, NJ.
