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Strategic asset allocation is arguably one of the most important, yet least advanced, aspects of investing. The Investment Strategy Group (ISG) in the Goldman Sachs Investment Management Division has developed a new approach to strategic asset allocation, which leverages the idea that long-term investment returns derive from multiple distinct sources called “return-generating factors.” This multi-factor approach is designed to help investors better understand the key sources of long-term return across asset classes and to increase the precision of long-term risk and return estimates. It also provides investors with a new way to think about portfolio diversification, allowing them to focus not only on diversification across asset classes but also
on diversification across the underlying sources of return.

This paper explores community democracy as a cultural choice and a potential organizing system for philanthropy using stories that demonstrate its principles and practices, primarily growing from the experience of northern California communities.  This experience offers a framework of principles and a beginning set of conclusions about how philanthropy can develop productive partnerships from the perspective of a place-based, community democracy.