<p>It may not be my money, but it is my job.<br />
—Charles Ellis in Investment Policy: How to Win the Loser’s Game</p>
<p>Such is how Charley Ellis describes the delicate balancing act facing agents—CIOs, pension sponsors, and consultants—tasked with managing large pools of long-term fiduciary assets. Charley should know. He started the investment management consultancy Greenwich Associates in 1972, chaired the Yale Endowment Investment Committee for nine years, and served on the boards of Vanguard and CFA Institute. In describing the paradox of long-term pools of capital being managed with a very short-term focus, he elaborated on the struggle faced by investment decision makers due to this misalignment:</p>