Creating Solutions from a Lifetime of Learning Experiences: Talking Investments with Martin L. Leibowitz, PhD

11 Pages Posted: 16 Feb 2012

Date Written: December 1, 2011


Long known as “Wall Street’s bond guru,” Martin L. Leibowitz is a respected luminary of the investment industry, recognized for his significant research contributions and insights into the workings of fixed income as well as equity markets. With a background in pure mathematics tempered by a practical point of view, Dr. Leibowitz emphasizes the balance between the theoretical and the practical in his work. One of his earliest studies, Inside the Yield Book, written in 1972 with Sidney Homer, has been called the book that “transformed the markets’ understanding of bonds” and initiated the move toward active bond investing. During his 26 years at Salomon Brothers, Dr. Leibowitz helped to pioneer work on key market innovations including zero coupon bonds, mortgage-backed securities, immunization, indexing strategies, and dedicated portfolio theory. Today, he continues his research at Morgan Stanley where, in a recent paper, he analyzed the relationships between rebalancing liquidity, portfolio flows, and diversification into illiquid assets in highly diversified multi-asset portfolios.

In September 2011, Dr. Leibowitz spoke with members of the Journal of Investment Consulting’s Editorial Advisory Board about the growing complexity of fixed income and its role in pension funds today, the relative merits of defined benefit and defined contribution plans, his view of “the new normal,” and the importance of listening to clients.

Keywords: Martin L. Leibowitz

JEL Classification: G10, G11, G23

Suggested Citation

Institute, Investments & Wealth, Creating Solutions from a Lifetime of Learning Experiences: Talking Investments with Martin L. Leibowitz, PhD (December 1, 2011). Journal of Investment Consulting, Vol. 12, No. 2, pp. 6-15, 2011, Available at SSRN:

Investments & Wealth Institute (Contact Author)

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