Anne Casscells

Research Statement

Anne is an investment professional with deep expertise in hedge funds, asset allocation, alternative investments and portfolio management. Her research includes work on demographics and their effect on investment returns, event driven investing where she has helped create numerous case studies and valuation (including the role of price/earnings ratios.)

Research Interests

• Event Driven Investing
• Hedge Funds
• Demographics

Bio

Anne is Co-CEO and Chief Investment Officer of Aetos Capital, LLC, which she helped found and which manages approximately $10 billion dollars on behalf of pension funds, endowments and foundations. 

She is also a lecturer at the Stanford Graduate School of Business, teaching a course on event driven investing.

Prior to joining Aetos in 2001, Anne was Chief Investment Officer of the Stanford Management Company, where she was responsible for the investment of over $10 billion in endowment funds and other assets of Stanford University.  Prior to joining Stanford, Anne was a Vice President in Goldman Sachs’ Fixed Income Division and an analyst at Morgan Stanley & Company.

Anne earned her MBA from the Stanford Graduate School of Business, where she was an Arjay Miller Scholar, and a BA in British Studies from Yale University.

Anne is the co-author with Robert Arnott of two articles titled “Demographics and Capital Markets Returns” (Financial Analysts’ Journal 2003) and “Will We Retire Later and Poorer?” (Journal of Investing 2004).  These articles discussed the prospect that retirement ages in the U.S. will have to rise to bring Social Security and other retirement programs into balance.  She is also the co-author, with Clifford S. Asness, of an unpublished monograph titled “Comparing Apples-to-Apples the Stock Market is Expensive,” April 2004, which compares different measures of price earnings ratios and their predictive power.

She serves on the board of directors of Schwab Charitable, the second largest donor advised fund in the U.S.  She is also a member of the Board of Trustees of Grace Cathedral in San Francisco where she is the treasurer.  She has served on the Board of Directors of KQED as Treasurer and head of the Finance Committee, and continues as an off-board member of the finance committee and head of the investment committee.  She has also been a trustee of the Stanford Business School Trust and served in various other volunteer capacities at Stanford and other non profits.
 

Academic Degrees

• MBA, Stanford GSB, 1985
• BA, British Studies, Yale University, 1980

Teaching

Degree Courses

2016-17

ACCT 354: Analysis and Valuation for Event-Driven Investing

This Bass seminar is designed to develop students'' ability to interpret and use financial accounting information in credit and equity valuation contexts. The course will focus on valuing the securities of companies undergoing significant changes...