Yale University, every mention
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every year anyone Ted Seides 320Charlie Ellis 29Alan Forman 22Patrick O'Shaughnessy 17Paula Volent 16Daylian Cain 12Tim Sullivan 10Chris Douvos 10Steve Galbraith 9Anne Martin 8
Verbatim, from the transcripts: the passages where Yale University comes up
Building Durable Real Estate Portfolios at Morgan Stanley – Lauren Hochfelder (EP.514)
- ▶ 1:53 Ted Seides Lauren joined Morgan Stanley as an investment banking analyst directly out of Yale 26 years ago, and has spent her entire career at the firm, helping build one of the industry's leading platforms.
- ▶ 3:35 Lauren Hochfelder I joined as an analyst straight out of Yale, no finance experience at all.
- ▶ 6:11 Lauren Hochfelder I spent my Yale years at coffee shops at four in the morning debating things endlessly.
Making Mistakes – Josh Steiner (EP.502)
- ▶ 1:49 Ted Seides He pivoted to finance as a media investment banker and co-founder of private equity firm Quadrangle Group in 2000, worked as an operator at Bloomberg in the 2010, has served on Yale's investment committee for nearly a decade, and five…
- ▶ 41:09 Ted Seides These days, among other things you've done, you've served on Yale's Investment Committee.
- ▶ 41:39 Josh Steiner The people who went off and left Yale and became the CIOs at other major endowments, and it's just an incredible track record. 4 times in the scene
- ▶ 47:50 Ted Seides After business school, I joined a manager Yale had money with, and I was back on the team. 3 times in the scene
Jeremy Grantham – Bubbles, Value Investing, and the Long Game at GMO (EP.493)
- ▶ 1:13:16 Jeremy Grantham On a ten-year basis, we were beating Harvard and Yale and Princeton with our portfolio.
Ryan Lovell – Chainlink: The Infrastructure Pipes for Multi-Chain Finance (EP.491)
- ▶ 4:57 Ryan Lovell So Central Pennsylvania didn't really have Wall Street aspirations, but back in the day, if you didn't go to quote unquote the target schools, Princeton, Harvard, Yale, it was hard to break into that type of job right at a college.
Ashby Monk – Total Portfolio Approach and the Future of Asset Owners (EP.480)
- ▶ 44:29 Ashby Monk Are you born on Yale's 2 times in the scene
- ▶ 50:09 Ashby Monk Most graduates of Yale, Harvard, Princeton, Stanford, Berkeley, they barely know what a pension fund is, let alone a sovereign fund, let alone the difference between a reserve investment corporation and a stabilization fund. 2 times in the scene
Year in Review 2025 (EP.478)
- ▶ 43:21 Ted Seides That when I was graduating college and I was interviewing at Goldman Sachs Investment Banking alongside of Yale, and I ended up not getting the offer at Goldman and ended up getting the job at Yale and went to Yale, my late uncle was the…
Ted on Alt Goes Mainstream (EP.458)
- ▶ 6:19 Michael Sidgmore Yale Endowment, and then with ProJ Partners, 5 times in the scene
- ▶ 35:25 Ted Seides I could look back at my time at Yale and say, boy, investing in hedge funds was so easy.
Tim Sullivan – Yale's Private Portfolio (EP.456)
- ▶ 4:31 Ted Seides My guest is Tim Sullivan, who recently retired from overseeing Yale University's private market portfolios for 39 years. 2 times in the scene
- ▶ 6:49 Ted Seides It might be fun to start with the bookends of your career and talk a little bit about what it was like when you first joined Yale, 40 years ago, and how that compares to now. 2 times in the scene
- ▶ 8:09 Tim Sullivan David Dean and I were pretty fortunate in that Yale had actually been investing in both venture and leveraged buyouts since the mid-nineteen seventies. 2 times in the scene
- ▶ 16:17 Tim Sullivan That's playing out in real time in larger firms that Yale has worked with, and we're not always sure that that's going to be a successful evolution in the long run.
- ▶ 17:47 Ted Seides You joined Yale in 86. 2 times in the scene
- ▶ 24:46 Tim Sullivan That's something people need to be realistic about as they're thinking about returns from alternative assets and looking back over the last 40 years and saying, oh, Yale and people like Yale generated these fantastic results from leveraged…
- ▶ 42:06 Tim Sullivan One of the formative experiences of my career, this gets back to the internet bubble, I did a lot of work in the oil and gas industry for Yale.
- ▶ 46:22 Tim Sullivan Everything we did at Yale was people first driven.
- ▶ 53:13 Tim Sullivan And the problem, from my standpoint, is we always thought at Yale, one of the reasons we hire these guys is because they know when's the right time to sell an asset.
- ▶ 56:46 Tim Sullivan That's something the people at Yale have done quite well in the last 10 years.
- ▶ 1:03:25 Ted Seides As you look back on the 40 years you're involved at Yale, what do you think of as the biggest success factors in private equity and venture investing?
- ▶ 1:07:34 Ted Seides In all the years you were doing this, and particularly through Yale's prominence, all the people you worked with that became CIOs elsewhere, curious to ask why you chose to stay in the same spot until it was time to retire.
- ▶ 1:12:44 Ted Seides To other people understanding everything that was happening at Yale. 5 times in the scene
- ▶ 1:15:08 Tim Sullivan One of the great things about my job was it enabled me to go to a lot of interesting places on Yale's dime, but I've always traveled a lot in addition to that, and now that I'm not working full-time anymore, we'll have more bandwidth to do…
- ▶ 1:16:22 Tim Sullivan It was a tremendous opportunity to work from him and learn from him, absorbed all of the investment strategies, but one thing I really appreciated about David was he could be incredibly arrogant, not undeservedly so, but he also, I think,…
Friends Reunion 3 – Five Allocators Riff on Investing (EP.454)
- ▶ 10:00 Casey Whalen Early days at Yale, we were targeting market value as a percentage.
Jon Madorsky – Navigating the Evolution of Private Equity Secondaries (EP.448)
- ▶ 13:58 Ted Seides Very recently, we've had these announcements of some of the longest standing LPs putting big portfolios up for secondaries, most notably Yale and Harvard. 2 times in the scene
- ▶ 36:12 Ted Seides You have now potentially real bellwether announcements of secondary sales at Yale and Harvard.
Brett Barth and Evan Roth – Stewarding Family Wealth at BBR (EP.433)
- ▶ 9:29 Brett Barth And the big innovation, and you'll know, as a Yale guy, Ted, it was David Swenson's pioneering investment management.
Michael Choe - Atomization of Private Equity Decisions at Charlesbank (EP.432)
Year in Review 2024 (EP.424)
- ▶ 7:33 Ted Seides One called the investment office playbook, one called the investment manager playbook, and then on Yale's emerging manager program that crystallized for me that a lot of what we're doing is
Matt Bank - "GEMs" of Risk, Asset Allocation, and Manager Selection (EP.419)
Chris and Rob Michalik - Twin Tackle of Private Equity at Kinderhook (EP.416)
- ▶ 13:45 Chris and Rob Michalik It became obvious that making money by being an owner was really interesting and having the good fortune to have one out to Yale and be exposed to Wall Street and be exposed to the capital markets.
Scott Bessent - Macro Maven (EP.415)
- ▶ 9:29 Scott Bessent I didn't know whether I wanted to be a journalist or going to computer science, which, when I arrived at Yale, it was the year that they switched from punch cards to screens, to put it in perspective. 2 times in the scene
- ▶ 15:22 Scott Bessent He and I, I don't believe ever overlapped at Yale, but like with Jim Rogers, we had the Yale connection, and
- ▶ 33:41 Scott Bessent I might've been a professor right out of Yale if I hadn't had a lot of student loans and I wanted to go back and teach.
- ▶ 1:00:01 Scott Bessent There's a lot of what I taught at Yale.
- ▶ 1:01:41 Scott Bessent I had an appointment to the Naval Academy that I decided not to take in 1980, and we were broke, and so it was free, but Yale was very good to me.
WTT: Yale Backs Emerging Managers… and Then What?
- ▶ 0:06 Ted Seides Yale's deadline for applications to its new prospect fellowship program has just passed. 5 times in the scene
- ▶ 0:46 Ted Seides Yale's motivation. 15 times in the scene
- ▶ 3:06 Ted Seides He had an unparalleled eye for unproven managers across asset classes, and Yale's manager roster today reflects decades of practice in getting it right. 2 times in the scene
- ▶ 4:01 Ted Seides Yale's Motivation. 14 times in the scene
- ▶ 6:11 Ted Seides Yale's Risk 22 times in the scene
- ▶ 9:47 Ted Seides Yale will be a valuable partner, steering managers to industry best practices and service providers. 8 times in the scene
- ▶ 11:14 Ted Seides We can look at the fortunes of others to consider what might happen to Yale's. 8 times in the scene
- ▶ 13:25 Ted Seides Yale's announcement is a strong positive for the community of allocators. 6 times in the scene
- ▶ 14:32 Ted Seides Yale may elicit great spin-outs that it might otherwise not have seen, but I imagine those will be dwarfed by the many other emerging managers keen to receive Yale's capital. 7 times in the scene
David Salem - Investment Wisdom from the Owner's Box (EP.409)
- ▶ 11:32 David Salem Swenson hadn't even yet arrived in Yale in May of 1985.
- ▶ 24:57 David Salem He was for a long time the chair of the Yale Investment Committee when David was the CIO.
- ▶ 29:46 David Salem But Charlie would tell me he would set aside not just a weekend, but a long weekend, meaning three days, just to get through the binder before the Yale Investment Committee's.
- ▶ 47:45 David Salem It was Harvard and Yale, Stanford to a lesser extent, some very, very wealthy families.
- ▶ 51:26 David Salem Maybe it's Yale, and they use another group of universities.
- ▶ 59:50 David Salem You lifted, I think, the famous Takahashi model at Yale.
Rob Small and Anil Seetharam - Public Equity Adjacent to Private Equity at Stockbridge (EP.397)
- ▶ 8:07 Rob Small And before that, I graduated from Yale University, spent a couple years consulting at Bain, and then went off and got my MBA at Harvard.
- ▶ 12:26 Rob Small We were fortunate in this process to have David Swenson, the CIO of Yale, be a mentor as we were building this and his advice, which we definitely lived by, which was do what you think you might be good at.
Charles Duhigg- Secrets of Communication (EP.394)
- ▶ 6:45 Ted Seides I would love to hear about your background and path to writing from the very traditional journalistic background of Yale and Harvard Business School. 2 times in the scene
Brett Barakett - Digging for the Puck at Tremblant Capital (EP.386)
- ▶ 1:11:28 Brett Barakett My brother, Tim, was one of the first people to mention it to me, and then I spent a lot of time studying a guy named Caldwell Esselstyn, Yale guy, doctor, Olympic gold medalist in rowing.
Cliff Asness - Simple Investing is Hard (EP.385)
- ▶ 50:20 Cliff Asness And David figured out that Yale has a really long time horizon and could accept that bug.
Letitia Johnson - Concentrated and Long-Term at Amherst College (EP.382)
- ▶ 8:49 Letitia Johnson I was trying to figure it out, and at the end of that, I realized I never want to be in a situation where I don't have control anymore, and I thought getting an MBA would be a really good way to do that, and I was able to coordinate grad…
- ▶ 10:33 Letitia Johnson Okay, so I came to Yale. 2 times in the scene
- ▶ 1:01:29 Letitia Johnson The more pivotal points of my career have been things that have felt incredibly stretched and behind, in a sense, including when I went to Yale, or when I started at Cambridge, or starting at Amherst.
David Morehead – Top Down Allocation at Baylor (EP.381)
- ▶ 39:41 David Morehead I am coming around to the view that things are different when you have very, very big portfolios, so Yale or Harvard, for example.
Training Grounds – Carnegie Corporation of New York (EP.377)
- ▶ 4:47 Ted Seides Ellen Schumann became Carnegie's first CIO in 1999 after working for David Swenson at Yale. 2 times in the scene
- ▶ 7:35 Ted Seides So 25 years ago, you leave Yale. 3 times in the scene
- ▶ 47:24 Ellen Schumann So I was at Yale for 12 years and seven months, and I was at Carnegie for 12 years and seven months.
Jonathan Tepper - Buying Monopolies at Prevatt Capital (EP.375)
- ▶ 14:08 Jonathan Tepper I think if you go back to the historical missionaries like Henry Luce, who founded Time Magazine, went off to Yale.
Michael Milken – Innovations in Finance, Medicine, and Education (EP.371)
- ▶ 18:56 Michael Milken So your willingness in your career to buy something at Yale might have been based on the liquidity of that investment.
Brad Jacobs – Masterclass on Leadership and Management (EP.368)
- ▶ 1:06:35 Brad Jacobs Have written books called The Superorganism, and they wrote a lot of books out of Yale, where they studied ants and ant colonies, and they studied bees and beehives, and they studied bacteria and species of bacteria that have intense…
Brian Christiansen – High-Conviction Growth Investing at Sands Capital (EP.361)
- ▶ 2:01 Brian Christensen I graduated from Yale in the mid-two thousands, and I had received a fellowship as a Yale Silver Scholar, and that program's a little bit unique in the sense that they choose five undergrads to go straight to business school. 3 times in the scene
- ▶ 1:00:46 Brian Christensen There was a Yale alum when I was doing coffee chat interviews, and he shared with me that most students, they'd either tend to flock to startups or really large established brand name corporations that they felt like would be great…
Ana Marshall – The Climb to Investment Excellence (EP.360)
- ▶ 9:55 Ana Marshall Everybody does it like Yale.
Gary Sernovitz - Inside the CIO Seat (EP.357)
- ▶ 19:05 Gary Sernovitz Yale is doing must.
- ▶ 28:40 Ted Seides One of the things you mentioned earlier is that one of the characters in this investment team is someone who, whatever Yale's doing, I want to go chase that momentum.
- ▶ 39:00 Gary Sernovitz I think certain institutions, Yale, MIT, have the resources to always be interesting.
Ted Seides – Unlocking Investment Wisdom (EP.352)
- ▶ 11:29 Sarah Samuels I'd love to come back to the Yale model a little later in our discussion and maybe continue along your journey. 2 times in the scene
- ▶ 13:59 Sarah Samuels What happened after Yale? 4 times in the scene
- ▶ 25:21 unnamed speaker Help us think through, we're coming back to the Yale model and your overall investment philosophy. 5 times in the scene
Alan Forman – Yale Endowment Real Estate (EP.340)
- ▶ 6:58 Ted Seides Why don't you take me back after the thirty-something years of working at Yale, how you got in the office in the first place? 4 times in the scene
- ▶ 10:27 Alan Forman I'd say we'd have two initial meetings trying to understand how they think, how they do what they do, what's the culture of the team, and the level of drive, and all those intangible things to figure out whether this is somebody that Yale… 2 times in the scene
- ▶ 13:30 Alan Forman There was doing good with the money, what Yale would do with the proceeds and things like that.
- ▶ 22:25 Alan Forman Also, David was very focused on the mission of the organization and Yale specifically, whether it was basketball games or financial aid or working with students, and that was fantastic. 2 times in the scene
- ▶ 23:14 Ted Seides As the industry learned more and caught up over the decades you worked at Yale, how did you try to stay ahead?
- ▶ 24:27 Ted Seides What type of assets did Yale own when you started? 8 times in the scene
- ▶ 28:04 Alan Forman Fifth Avenue in Yale needs a computer store next to Tiffany and Gucci.
- ▶ 28:59 Alan Forman So essentially, right when I joined Yale, Ellen and Donna, and to some extent myself, wrote a strategy paper on how we would transform the portfolio from a directly held to more of a partnership model. 2 times in the scene
- ▶ 32:56 Alan Forman So we thought if we found people in each sector over time, we would create a diversified portfolio that worked for Yale. 4 times in the scene
- ▶ 41:11 Alan Forman So essentially, Yale has always just been an equity investor.
- ▶ 45:39 Alan Forman Yale still needs to be on top of things. 2 times in the scene
- ▶ 47:54 Alan Forman They all did very well, and then they went public, and they did a great job for themselves and for Yale. 3 times in the scene
- ▶ 53:49 Alan Forman And it's the same thing with when we found partners at Yale. 2 times in the scene
- ▶ 54:28 Alan Forman I think the biggest mistake I made at Yale over the years was managers that had some strategy drift in their portfolio, and because they had done very well in a different strategy, we gave them a little bit of too much of the benefit of… 2 times in the scene
WTT: The Real Yale Model
- ▶ 0:31 Ted Seides The real Yale model. 4 times in the scene
- ▶ 1:08 Ted Seides The Yale model in David Swenson's words. 3 times in the scene
- ▶ 4:59 Ted Seides Embracing illiquidity is not a first principle of the Yale model, despite many misinterpreting David's beliefs as such. 2 times in the scene
- ▶ 8:58 Ted Seides While Yale's approach relies on active management, David believed most should not try. 2 times in the scene
- ▶ 12:33 Ted Seides All followers of the Yale model preach the importance of rebalancing.
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