Yale Endowment

“From 1994 to 1999, that five year period, Yale's U.S. Equity managers that they hired underperformed the market by 40 percentage points cumulatively. Eight percent per year for five years. Not a single manager was fired.”

“And a very rigorous rebalancing methodology, which was something, you know, back in the early nineties that endowments and foundations around the world didn't have. Really, if there was an asset allocation, it was a sixty-forty mix. And what you would see was …”

“The problem is if that were the case and that were the only way to get into business and have a successful business, you'd probably only have 20 or 30 Investment funds in the world, because very few people have the alignment of, they have the capital, they hav…”

“So the notion of independent ownership is as an investor, you want all of the money that you're paying to go to the management team of that fund. And they stick very rigorously to that. I've seen lots of notable exceptions that work fine without that.”

“I never would have been able to compete with what I knew then with someone coming out of college today.”

“If you could combine people orientation and kind of Intellectual curiosity in investing, there's, there might not be a better seat than that one.”

“The Yale Endowment, which is always the leader, are already in, right? They made a fairly sizable investment with Paradigm, a firm out, out in California. Harvard and Stanford are in. University of Pennsylvania and Columbia are either in or getting in.”

“Absolute imperative was the focus, first, second, third, on risk. Everybody looks at the rate of return success that the Yale endowment had, and it is. A wonderful rate of return success. But the really great secret or the great lesson to learn is that David S…”

“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”

“The fifty million dollar commitment to each manager is just 12 basis points of the Yale Endowment, and the initial cohort of two hundred and fifty million will comprise between 30 and 60 basis points in total.”

“When David Swenson got the job in 1985, there were no articles in the Wall Street Journal about him getting a job at Yale Endowment.”