Martin Leibowitz

Martin Leibowitz spent decades at Salomon Brothers as director of research, then became managing director at TIAA-CREF, and later vice-chairman at Morgan Stanley Research. His contributions to fixed income theory include early work on duration, convexity, and total return analysis for bond portfolios. He pioneered the concept of asset/liability management in pension funds and wrote foundational research on how bonds and equities interact in multi-asset portfolios. Leibowitz received the CFA Institute's Award for Professional Excellence and has published dozens of practitioner-focused research papers. His later work on the "franchise value" component of equity valuations — decomposing stock prices into the value of a company's existing assets in place and the present value of growth opportunities — provided portfolio managers with a more nuanced framework for understanding whether growth expectations were already priced into equity valuations. This research bridged his fixed income analytical background with equity market applications.