Sharon Liebowitz is the CEO and co-founder of Meritam. Meritam designs high-quality, low-cost investment strategies specifically for nonprofit reserves and endowments Disclosure: Meritam Investment Advisors, Inc. is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered, or excluded or exempted from registration requirements. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors on the date of publication and are subject to change.