# Martin L. Leibowitz

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American financial economist

**Martin L. Leibowitz** is a financial researcher, business leader, and a managing director of [Morgan Stanley](/source/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](/source/TIAA-CREF) from 1995 to 2004. Previously he had worked for 26 years for [Salomon Brothers](/source/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](/source/Institute_for_Advanced_Study).[5] In April 2009 he was named adviser to the board of directors to [Singapore's sovereign fund](/source/Government_of_Singapore_Investment_Corporation). 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](/source/Financial_Analysts_Journal)'s Graham and Dodd Award of Excellence.[7] His *[Inside the Yield Book](/source/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](/source/Frank_Fabozzi), "transformed the markets’ understanding of bonds."[8] He was instrumental in developing the [dedicated portfolio theory](/source/Dedicated_Portfolio_Theory) in the 1980s.

Leibowitz is also the recipient of the following [CFA Institute](/source/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](/source/University_of_Chicago) and a Ph.D. in mathematics from the [Courant Institute](/source/Courant_Institute) of [New York University](/source/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. **[^](#cite_ref-1)** [http://www.morganstanley.com/about/press/articles/3582.html](http://www.morganstanley.com/about/press/articles/3582.html) [*[permanent dead link](https://en.wikipedia.org/wiki/Wikipedia:Link_rot)*]

1. **[^](#cite_ref-2)** ["Stocks"](http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=3768270).[*[dead link](https://en.wikipedia.org/wiki/Wikipedia:Link_rot)*]

1. **[^](#cite_ref-3)** Strom, Stephanie (12 April 1995). ["Salomon Official to be New Investment Chief for CREF"](https://www.nytimes.com/1995/04/12/business/salomon-official-to-be-new-investment-chief-for-cref.html). *The New York Times*.

1. ^ [***a***](#cite_ref-fiasi_4-0) [***b***](#cite_ref-fiasi_4-1) ["Martin L. Leibowitz"](https://fiasi.org/1995-hall-of-fame/).

1. **[^](#cite_ref-5)** ["Board of Trustees | Institute for Advanced Study"](http://www.ias.edu/people/trustees). 6 March 2016.

1. **[^](#cite_ref-6)** ["Martin L. Leibowitz and Monica Lozano Join The Rockefeller Foundation Board of Trustees - The Rockefeller Foundation"](https://www.rockefellerfoundation.org/about-us/news-media/martin-l-leibowitz-and-monica-lozano-join-the-rockefeller-foundation-board-of-trustees/). *The Rockefeller Foundation*. Retrieved 2017-03-28.

1. **[^](#cite_ref-7)** ["News Articles | FindArticles"](http://findarticles.com/p/articles/mi_m0EIN/is_2005_May_11/ai_n13680904/). *findarticles.com*. Retrieved 2025-09-06.

1. **[^](#cite_ref-8)** ["Carnegie Corporation of New York: New Books"](https://web.archive.org/web/20101028054040/http://carnegie.org/publications/books/2004/). Archived from [the original](http://carnegie.org/publications/books/2004/) on 2010-10-28. Retrieved 2010-08-25.

1. **[^](#cite_ref-9)** ["Yale's David F. Swensen Receives the CFA Institute Award for Professional Excellence"](https://web.archive.org/web/20120307092115/http://www.cfainstitute.org/about/press/release/Pages/04272009_16372.aspx). Archived from [the original](https://www.cfainstitute.org/about/press/release/Pages/04272009_16372.aspx) on 2012-03-07. Retrieved 2010-08-25.

1. **[^](#cite_ref-10)** ["Martin Leibowitz"](https://www.pionline.com/article/20031027/PRINT/310270753/martin-leibowitz). [Pensions & Investments](/source/Pensions_%26_Investments). October 27, 2003.

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