Came across this recent (April 2012) presentation by David Swenson. He's been the CIO of Yale's endowment since 1985. He starts with an overview of his investment views and then goes on to rebut "Barron's" Criticism of the Swensen Approach to Endowment Management (ie overly diversifying and overweighting alternatives).
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David Swensen is considered the man in the endowment world. I highly recommend his book "Pioneering portfolio management" for those looking to learn the basics or those already involved in fund management who want to understand how your investors think about investing and selecting managers.
wow is he that well endowed?
bazinga.
Your avatar is perfect for that comment. Carry on.
well done, A+ Job.
I've never heard of him until today.. Nice post! SB for OP
Thanks for the link. I'll check it out. Here's his lecture from 2008.
Why the fuck am I paying 200k for a diploma when this shit's free?
http://www.youtube.com/embed/R9sQtmPAYO0
sad but true
is he also part of that Yale thing?
Do you know if there a succinct rebuttal anywhere?
Interested in the debate - mainly on the criticism that he invests too heavily in illiquid alternative assets.
If you look at Yale vs. the Wilshire TUCS (Trustee Universe Comparison Service), which tracks all of the nations largest plans, Yale is consistently a bottom 50% performer since 2008. No need for criticism when the scoreboard does all of the talking for you.
also look that his returns are also coming from very illiquid kinds of products which have lock ups and may not see exits until much further down the line.
Has Larry Summers ever given a talk about his "efforts" at the Harvard endowment? Would be good for a few laughs...
Fantastic post.
http://www.yaledailynews.com/news/2012/sep/13/chief-investment-officer-…
Just saw this post and then randomly came across this article, sad.
this is a fantastic youtube channel. they have some great contributions.
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