Martin L Leibowitz

Martin L. Leibowitz is a managing director with Morgan Stanley Equity Research’s global strategy team. Over the past two years, he and his associates have produced a series of studies on such topics as beta-based asset allocation, integration of active and passive alphas, and the need for greater fluidity in policy 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 150 articles on various financial and investment analysis topics, and has been the most frequent author published in both the Financial Analysts Journal as well as the Journal of Portfolio Management. 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 new edition includes a foreword by noted economist Henry Kaufman. Ten of his articles have received the Graham and Dodd Award for excellence in financial writing. The CFA Institute (formerly the Association for Investment Management Research) singled him out to receive three of its highest and most select 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 is a trustee and vice chairman of the Carnegie Corporation and the Institute for Advanced Study at Princeton. He is also a member of the Rockefeller University Council and the Board of Overseers of New York University’s Stern School of Business. Mr. Leibowitz serves on the investment advisory committee for the Harvard Management Corporation, The University of Chicago, and the Rockefeller Foundation. He is a past chairman of the board of the New York Academy of Sciences and a former member of the investment advisory committee for the New York State Common Retirement Fund and the Phi Beta Kappa Society.