Bryan Belton and Eddie Qian's paper "Endowment Model vs. Risk Parity as Alternatives to 60/40 Portfolio" was the feature of Julie Segal's article "Risk Parity Beats the Endowment Model," published by Institutional Investor.

Over the last 20 years, institutional investors have raced to employ the endowment model with its large allocation to alternatives to diversify away from the equity risk of in a traditional 60-40 portfolio. But new research from quantitative asset manager PanAgora finds investors would have been better off taking a risk-parity approach over the last 10 years if they wanted diversification.