Tag: Endowment

Harvard CFO on Surviving the Recession

The CFO was asked whether the school could survive another recession. We’ve done a lot of recession-based scenario planning, and the University is in a much better position than we were following the 2008 financial crisis with respect to...

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Michael Mauboussin on Relative Skill

A few years ago Michael Mauboussin published a paper on what makes for successful investing. Success in investing has two aspects. The first is skill, which requires you to be technically proficient. Technical skills include the ability to find...

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Valuations at Stanford Endowment

The school’s investment office shared in their latest report that they are investing in fewer fund managers. SMC [Stanford Management Company] primarily relies on carefully chosen external partners to select individual securities, allowing...

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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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