Bowdoin College

“And when I first got there, David would look over my shoulder and say, no one can anticipate interest rates. You should get rid of these investments in global macro. However, those have been a signature part of Bowdoin's portfolio.”

“If you look back on the attribution of our performance over the years, it's all manager selection, and I think asset allocation is important, but as, like, even today, asset allocation gets blurry.”

“We had no venture capital at Bowdoin when I got there. Zero.”

“Amazingly, Stanley Druckenmiller was the chair of the committee at that time. He had just left Soros and was doing Duquesne”

“Well, first of all, I think that the Yale model, quote unquote, is not a recipe that can be transferred. It's different for every organization, so it's more the key tenets of thinking about long-term investing rather than a recipe.”

“When I first came to Bowdoin, they had asset class committees. So they had a hedge fund committee, a core equity, private equity. And it was interesting because there were overlaps, but they're also like on the long, short funnel. Say they're a short Tesla, wh…”

“So one of the things I did at Bowdoin in the hedge fund was start an emerging managers fund where we didn't take economics, but we would usually get capacity rights, maybe a lower fee, like all that.”