Institutional investors may invest directly or indirectly. Direct investing refers to the direct acquisition and$/$or development and operation of property by the institution, while indirect investing refers to investment through externally managed vehicles such as separate accounts, joint ventures, or commingled funds. Discuss the objectives of an endowment like Christ Church College and the benefits and costs of investing directly or indirectly; make a recommendation as to the future investment model for Christ Church College.

Endowments often own assets that have been contributed or donated; in many cases, these assets consist of land. Discuss the profile of Christ Church College's historic or legacy real estate investment strategy and the profile of its expected returns and risks. In addition, discuss the suitability of this strategy to the endowment as well as strategies that are reliant on market timing.