This is based on HBS case 9-205-126, Investment Policy at the Hewlett Foundation (2005). Read the situation described in the case and prepare answers to the following questions based on the reading: Questions: a) Is Hewlett Foundation (HF)'s donor stock sale program a good idea? Should other foundations follow HF's steps and implement donor stock sale programs? b) As a member of HF's Investment Committee, would you agree with the proposals to double to 20% the allocation to absolute return strategies? If HF was to do so, how should HF do it? c) How does the bondization and equitization return overlay program work? What is its impact on the expected return of the absolute portfolio? What are the risks? As a member of HF's Investment Committee, would you agree with the proposals to implement the bondization and equitization overlay program? d) As a member of HF's Investment Committee, would you agree with the proposals to make the 5% commitment to Sirius V? e) Overall, should the Investment Committee approve the proposed investment policy