Endowments

David Swensen on Bankers

A few years ago, the business school held a panel on finance and its influence on society. One of the panelists was David Swensen and he shared his distaste for bankers. Let me pick up on Bob’s [Professor Robert Shiller] comment that there’s a...

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Charlie Munger on Fund Managers

At the annual meeting for the Daily Journal Corporation, Charlie Munger shared that there is too much money out there and it won’t end well. And of course, what’s happening in America of course, is that software has grown enormously. If you...

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Endowments Return 5.3% in 2019

The National Association of College and University Business Officers published their data a couple of weeks ago. Data gathered from 774 U.S. colleges, universities, and affiliated foundations for the 2019 NACUBO-TIAA Study of Endowments® (NTSE)...

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Charley Ellis on the Yale Model

As former member of the Investment Committee at Yale, Charley Ellis shared what distinguishes the school’s model of investing. The selection of managers has long been dominated by detailed assessments of character; the diversified structure...

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Endowment Payout at Harvard

In their latest financial report, the school describes the purpose of the endowment and how it works. The University’s endowment spending practice has to balance two competing goals: the need to fund the operating budget with a stable and...

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