In furtherance of its mission of promoting the adoption of best practices in endowment management, the TIFF Education Foundation (TEF) conducted a seminar on Wednesday, September 28, 2005, in New York, New York. Audio recordings of the five presentations and interviews comprising the seminar are available below. The interviews were conducted by TEF president David Salem.

Choose a speaker for their biography:
Jack Meyer | Jim Garland | Mark Kritzman | Charley Ellis | Steve Galbraith

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Jack Meyer
Harvard Management Company, Inc.
President and CEO

Jack R. Meyer joined Harvard Management Company, Inc. (HMC) as President and CEO on September 1, 1990. HMC manages the University’s endowment assets, pension funds, and the charitable trusts and pooled income funds generated by planned gifts. These assets totaled roughly $25.5 billion as of June 30, 2004. 

Prior to accepting his current position, Mr. Meyer was Treasurer and Chief Investment Officer of the Rockefeller Foundation beginning in 1983. He was responsible for the management of the Foundation’s endowment, valued at $2 billion. 

Prior to joining the foundation in 1983, Mr. Meyer was Deputy Controller of New York City. In that capacity he managed the City’s pension funds, sinking funds, and treasury funds - about $20 billion in total assets.

From 1973 to 1979, Mr. Meyer was associated with Lionel D. Edie, an investment counseling firm in New York City. Mr. Meyer worked in the research department at Edie for several years and moved to the portfolio management side in 1975. He was named Chief Portfolio Officer in 1977.

Prior to joining Edie, Mr. Meyer was a security analyst and Investment Officer with Brown Brothers Harriman, a private bank in New York City. During his three years with Brown Brothers, Mr. Meyer covered a wide variety of industry groups. 

Mr. Meyer currently serves on the Board of Directors and the Investment Committee of The Boston Foundation. He also serves on the Investment Committee of The Investment Fund for Foundations and on the Board of the Asian University for Women Support Foundation. Previously, he served as a Director of the Investment Responsibility Research Council and on the investment committees of the Howard Hughes Medical Institute, the Massachusetts State Pension Fund, and the Atlantic Foundation.

Mr. Meyer received a Bachelor of Science from Denison University as well as an honorary doctorate degree in 2004. He received his Masters in Business Administration from Harvard Business School.

Mr. Meyer is married, has two children and lives in Cambridge, Massachusetts.

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Jim Garland, CFA
President
Jeffrey Company

Jim Garland is president of The Jeffrey Company, a family investment company based in Columbus, Ohio.  A Maine native, he graduated from Bowdoin College in 1969 with a degree in music history.  He worked for seven years at NASA's Goddard Space Flight Center in Greenbelt, Maryland as a data base administrator and programmer, then returned to Maine in 1977 to join an investment advisory firm as a securities analyst and portfolio manager.  He moved to Ohio in 1995 to work for The Jeffrey Company.  He is the author of several papers dealing with trusts, endowment spending, and taxable investing.  His most recent paper, “Long-Duration Trusts and Endowments,” appeared in the Spring 2005 issue of The Journal of Portfolio Management.

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Mark Kritzman
President and CEO
Windham Capital Management, LLC.

Mark Kritzman is President and CEO of Windham Capital Management, LLC.  He also serves as a Senior Partner of State Street Associates, and he teaches a financial engineering course at MIT’s Sloan School.   Mr. Kritzman serves on the boards of the Institute for Quantitative Research in Finance, the International Securities Exchange, and The Investment Fund for Foundations, and on the editorial boards of Emerging Markets Review, the Financial Analysts Journal, the Journal of Alternative Investments, the Journal of Asset Management, the Journal of Derivatives, and the Journal of Investment Management.  Mr. Kritzman has written numerous articles for academic and professional journals and is the author of six books including Puzzles of Finance and The Portable Financial Analyst.  He has an MBA with distinction from New York University.

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Charley Ellis

Charles D. Ellis serves as a consultant to large institutional investors and wealthy families and as Managing Partner of a pro bono partnership of nearly 100 Harvard Business School classmates and friends, Applecore Partners, which commits time and treasure in support of entrepreneurial, change-oriented ventures in education, particularly those focused on children born into tough circumstances.

Charley’s professional career centered on serving Greenwich Associates, the international strategy consulting firm he founded in 1972.  Recognized worldwide for the proprietary research which informs its consulting, the firm grew in the 30 years he was Managing Partner to serve the leading firms in over 130 professional financial markets around the world.  He is now a Director of the firm.

Services to the investment profession include:  Chair and two terms as governor of the profession’s CFA Institute and an associate editor of both The Journal of Portfolio Management and The Financial Analysts Journal.  He is one of ten individuals honored for lifetime contributions to the investment profession.

Academic activities include two appointments (in 1970 and 1974) to the faculty of the Harvard Business School and one (in 1986) to the Yale School of Management, both to teach the advanced course on investment management, and 20 years on the faculty of the Investment Workshop at Princeton. 

A Successor Trustee of Yale University, Charley chairs the university’s investment committee.  He also serves as a Director of the Whitehead Institute for Biomedical Research, where he chairs the finance and investment committee, and as an Overseer of the Stern Schools of Business at New York University.  He has previously served as a trustee of Phillips Exeter Academy and Eagle Hill School.  He has also served on the Visiting Committee and as a member of the Board of Directors of the Associates of the Harvard Business School.

The author of 11 books, including CAPITAL (John Wiley & Sons) and Winning the Loser’s Game (McGraw-Hill), Charley has written nearly 100 articles for business and professional journals.  His article “The Loser’s Game” won the investment profession’s Graham & Dodd award in 1977. 

A graduate of Exeter and Yale College, Charley earned an MBA (with distinction) at Harvard Business School and a Ph.D. at New York University.  He is married to his best friend, Linda Koch Lorimer, Vice President and Secretary of Yale University.  Their four children are Harold, Chad, Kelly and Peter.

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Steve Galbraith
Principal
Maverick Capital

Prior to joining Maverick in 2004, Mr. Galbraith served as Chief Investment Officer and Chief U.S. Investment Strategist at Morgan Stanley. While at Morgan Stanley, Mr. Galbraith’s work was consistently recognized in various Wall Street analyst polls, including a No. 1 ranking in the Institutional Investor All America Research Team poll in 2002 and 2003. Prior to joining Morgan Stanley, he was a Partner at Sanford Bernstein, where he was a highly ranked analyst in both the packaged foods sector and the securities industry. Prior to his work at Bernstein, he worked at Chase Manhattan. Mr. Galbraith is an Adjunct Professor at Columbia University Business School, where he teaches securities analysis. He received his B.A. (Summa Cum Laude) from Tufts University, where he was elected to Phi Beta Kappa.