Trustees

“University precedents are generally only fired when there's massive outside pressure. I can't think of one where the internal trustees were like, this is effed up. Let's do something.”

“I think direct management of portfolios is a wonderful training for someone who ultimately becomes an allocator because you get used to pulling the trigger, you get used to being wrong and having to extricate yourself from mistakes and understanding the nature…”

“The model of you coming together four times a year as trustees, getting sandwiches, picking managers, playing golf, this doesn't work. And it's gonna get more and more difficult as the market changes.”