Robert B. Litterman
Member, RFF Board of Directors; Chairman, Risk Committee, Kepos Capital
Robert Litterman is a founding partner of Kepos Capital; a New York City based systematic global macro firm, and the Chairman of the Kepos Capital Risk Committee. Prior to joining Kepos Capital in 2010, Dr. Litterman enjoyed a 23-year career at Goldman Sachs & Co., where he served in research, risk management, investments and thought leadership roles. He oversaw the Quantitative Investment Strategies Group in the Asset Management division.
While at Goldman, Dr. Litterman also spent six years as one of three external advisors to Singapore's Government Investment Corporation (GIC). Dr. Litterman was named a partner of Goldman Sachs in 1994 and became head of the firm-wide risk function; prior to that role, he was co-head of the Fixed Income Research and Model Development Group with Fischer Black. During his tenure at Goldman, Dr. Litterman researched and published a number of groundbreaking papers in asset allocation and risk management. He is the co-developer of the Black-Litterman Global Asset Allocation Model, a key tool in investment management, and has co-authored books including The Practice of Risk Management and Modern Investment Management: An Equilibrium Approach (Wiley & Co.).
Dr. Litterman earned a Ph.D. in Economics from the University of Minnesota and a B.S. in Human Biology from Stanford University. He was inducted into Risk Magazine's Risk Management Hall of Fame and named the 2013 Risk Manager of the Year by the Global Association of Risk Professionals. In 2012, he was the inaugural recipient of the S. Donald Sussman Fellowship at MIT's Sloan School of Management. In 2008, Mr. Litterman received the Nicholas Molodovsky Award from the CFA Institute Board as well as the International Association of Financial Engineers/SunGard Financial Engineer of the Year Award. Mr. Litterman serves on a number of boards, including Commonfund, where he was elected Chair in 2014, the Niskanen Center, Resources for the Future, Robert Wood Johnson Foundation, Ceres, World Wildlife Fund, the Sloan Foundation, the Woodwell Climate Research Center, and the Climate Leadership Council, where he serves as co-chair of the Board. Dr. Litterman also chaired the CFTC Climate-Related Market Risk Subcommittee, which published its report, “Managing Climate Risk in the U.S. Financial System,” in September 2020.
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Testimony and Public Comments — Apr 15, 2021
Testimony to the US Senate Budget Committee on the Cost of Inaction on Climate Change
Testimony to the US Senate Budget Committee on the Cost of Inaction on Climate Change
Media Highlight — May 8, 2020
The Former Goldman Quant Taking On Climate Change
RFF Board of Directors Member Bob Litterman is profiled in the Wall Street Journal.
Resources Magazine — May 19, 2022
Combating Climate Change with Economic Incentives
In RFF’s Supporter Spotlight, donors discuss their commitment to issues in climate, energy, and the environment and why they support Resources for the Future. Here, Bob Litterman reflects on pricing climate risks, environmental justice, and more.
Special Series: The SEC Climate Disclosure Rule — Apr 27, 2022
Introducing a Special Series on the Proposed Climate Disclosure Rule from the US Securities and Exchange Commission
Experts weigh in on a recently proposed climate disclosure rule from the US Securities and Exchange Commission. For this first installment of our special series: Why do investors need or want the SEC climate disclosure rule?
Resources Magazine — May 19, 2022
Combating Climate Change with Economic Incentives
In RFF’s Supporter Spotlight, donors discuss their commitment to issues in climate, energy, and the environment and why they support Resources for the Future. Here, Bob Litterman reflects on pricing climate risks, environmental justice, and more.
Special Series: The SEC Climate Disclosure Rule — Apr 27, 2022
Introducing a Special Series on the Proposed Climate Disclosure Rule from the US Securities and Exchange Commission
Experts weigh in on a recently proposed climate disclosure rule from the US Securities and Exchange Commission. For this first installment of our special series: Why do investors need or want the SEC climate disclosure rule?
Resources Radio — Jan 7, 2020
Pricing Climate Risk in the Markets, with Robert Litterman
Robert Litterman discusses his recent research related to carbon pricing and assesses the potentially weighty costs of climate change in financial markets.