How to overcome barriers to the long-term investments that are
essential for solving the world (TM)s biggest problems There has
never been a greater need for long-term investments to tackle the
world (TM)s most difficult problems, such as climate change and
decaying infrastructure. And it is increasingly unlikely that the
public sector will be willing or able to fill this gap. If these
critical needs are to be met, the major pools of long-term, patient
capital "including pensions, sovereign wealth funds, university
endowments, and wealthy individuals and families "will have to play
a large role. In this accessible and authoritative account of
long-term capital investment, two leading experts on the subject,
Harvard Business School professors Victoria Ivashina and Josh
Lerner, highlight the significant hurdles facing long-term
investors and propose concrete ways to overcome these difficulties.
Presenting the best evidence in an engaging way by using memorable
stories and examples, Patient Capital describes how large investors
increasingly want and need long-run investments that have the
potential to deliver greater returns than those in the public
markets. Yet success in such investments has been the exception.
Performance has suffered from both the limitations of investors and
the internal structure of their fund managers, often resulting in
the wrong incentives and a lack of long-term planning. Yet the
challenges facing long-term investors can be surmounted and the
rewards are potentially large, both for investors and society as a
whole. Patient Capital shows how to make long-term investment work
better for everyone.
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