The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
shows 
every show 44 of 44
Yale economists advised the endowment to prioritize manager selection over theoretical portfolio modeling
“And it's funny, because we went to all these very impressive Yale professors and asked them, how do we create a portfolio? How do we Find the efficient frontier, all these economists like Ibbotson and Stephen Ross and people like that, and they just said, find…”
David Swensen modeled Yale's real estate strategy on private equity and VC
“David Swenson was a first principles investor, and he looked at the real estate business in the eighties and said, this doesn't make any sense. And he thought that the fee-based nature of the business, there was no alignment of interest. There was lots of sepa…”
Forman: Yale's committee usually approved David Swensen's investment recommendations
“What David recommended to the committee more often than not was approved. So, I mean, David was the big hurdle. That we had to get over internally.”
Forman: Yale paid $14 million for 50% stake in 717 Fifth Avenue
“And believe it or not, we paid fourteen million dollars for a 50% interest in a Fifth Avenue asset, which is mind-boggling these days.”
Forman: Yale acquired full ownership of 717 Fifth Avenue for $60M total basis
“When they agreed to sell the deal for, I think, forty-seven million in the mid-nineties, Yale stepped up and matched the offer. So we're in the deal for sixty million bucks, and it was almost a 500,000 square foot asset.”
Forman: Yale probably made $100 million redeveloping 717 Fifth Avenue
“We ripped off the front of the building and expanded it, and Yale probably made a hundred million dollars on the redevelopment.”
Forman: Yale directly owned real estate assets before pioneering private equity model
“Back in the day, Yale was a direct real estate owner of assets. When I joined, I was put in charge of managing all those assets, and David and Ellen and Donna were pursuing this New model called private equity real estate”