Martin L. Leibowitz

Martin L. Leibowitz is a financial researcher, business leader, and a managing director of Morgan Stanley. ^{[1] [2]} His most well-known work is Inside the Yield Book.

Career

Before joining Morgan Stanley, Leibowitz was vice chairman and chief investment officer of TIAA-CREF from 1995 to 2004. Previously he had worked for 26 years for Salomon Brothers, rising to become its managing director in charge of research. ^{[3] [4]} He is also a member of the Board of Trustees of the Institute for Advanced Study. ^[5] In April 2009 he was named adviser to the board of directors to Singapore's sovereign fund. In March 2012, he was appointed to The Rockefeller Foundation's board of trustees. ^[6]

Leibowitz has authored several books and more than 150 articles, 10 of which have received the Financial Analysts Journal's Graham and Dodd Award of Excellence. ^[7] His Inside the Yield Book (co-authored with Sidney Homer), first published in 1972 and reissued in 2004, is a work which, according to Frank Fabozzi, "transformed the markets’ understanding of bonds." ^[8] He was instrumental in developing the dedicated portfolio theory in the 1980s.

Leibowitz is also the recipient of the following CFA Institute Awards: the Nicholas Molodovsky Award in 1995, the James R. Vertin Award in 1998, and the Award for Professional Excellence in 2005. ^[9] In 1995, he was the first person inducted into the Fixed Income Analysts Society Hall of Fame. ^[4]

Leibowitz holds both a bachelor's and master's degree from the University of Chicago and a Ph.D. in mathematics from the Courant Institute of New York University. ^[10]

Bibliography

• Inside the Yield Book, (with Sidney Homer), 1972
• Return Targets and Shortfall Risks: Studies in Strategic Asset Allocation, (with Stanley Kogelman and Lawrence N. Bader), 1995
• Franchise Value: A Modern Approach to Security Analysis, 2004
• Modern Portfolio Management: Active Long/Short 130/30 Equity Strategies, (with Simon Emrich and Anthony Bova), 2008
• The Endowment Model of Investing: Return, Risk, and Diversification, (with Anthony Bova and P. Brett Hammond), 2010

References

1. http://www.morganstanley.com/about/press/articles/3582.html ^{[ permanent dead link ]}
2. "Stocks".^{[ dead link ]}
3. Strom, Stephanie (12 April 1995). "Salomon Official to be New Investment Chief for CREF". The New York Times.
4. "Martin L. Leibowitz".
5. "Board of Trustees | Institute for Advanced Study". 6 March 2016.
6. "Martin L. Leibowitz and Monica Lozano Join The Rockefeller Foundation Board of Trustees - The Rockefeller Foundation". The Rockefeller Foundation. Retrieved 2017-03-28.
7. "News Articles | FindArticles". findarticles.com. Retrieved 2025-09-06.
8. "Carnegie Corporation of New York: New Books". Archived from the original on 2010-10-28. Retrieved 2010-08-25.
9. "Yale's David F. Swensen Receives the CFA Institute Award for Professional Excellence". Archived from the original on 2012-03-07. Retrieved 2010-08-25.
10. "Martin Leibowitz". Pensions & Investments. October 27, 2003.