DUMAC

“Privates are about half of the portfolio now, and so those are some things that I think given the risk culture at Duke, we're able to do.”

“We added some to Chinese equities in the midst of that as those equities had dislocated.”

“We have full transparency on about 90% of our portfolio, so we have a very robust data set. We can look at daily P&Ls for all of our public managers. We have it all plugged into Bloomberg”

“We don't tend to hedge our currency exposure in emerging markets, but we may get very nervous broadly about emerging markets exposure for macro reasons, and hedge that exposure even though it's quite expensive to do so, or something like China specifically, wh…”

“We've hesitated to dictate to the managers how to manage their portfolio. We've tried that a few times. It becomes very messy and complicated, so usually we'll just step away at that point”

“The way we think about it across the portfolio, as opposed to kind of picking and choosing buckets that we're trying to fill, that's, you didn't ask the question, those are the mistakes that we always make, is if we're trying to fill a bucket, that's usually p…”

“Really returns aren't a big driver of our decision-making process. We want the best people in the portfolio working for Duke, and that's what we try to find.”

“The things that are most challenging for me, I think, even though I like the team and the people, but I think managing teams and people and boards are probably the most challenging part of my job, and student groups especially, if you throw those in there. Tho…”