David F. Swensen: The Money Management Gospel of Yale's Endowment Guru

•  Fund of funds are a cancer on the institutional-investor world. They facilitate the flow of ignorant capital. If an investor can’t make an intelligent decision about picking managers, how can he make an intelligent decision about picking a fund-of-funds manager who will be selecting hedge funds? 
  There’s also more fees on top of existing fees. And the best managers don’t want fund-of-fund money because it is unreliable. You need to be in the top 10% of hedge funds to succeed.  
  In a fund of funds, you will likely be excluded from the best managers. 
  [Mr.] Madoff also relied enormously on these intermediaries. He wouldn’t have had nearly as much resources were it not for fund of funds.
  
  

  David Swensen revises asset allocation for individual investors

  Posted by: The Investment Scientist on: March 25, 2009
  • In: asset allocation
  • 
    
   
  In his book Unconventional Success: A Fundamental Approach to Personal Investment, Swensen recommends the following allocations, for individual investors who want a “well-diversified, equity-oriented portfolio”:
  30% Domestic stock funds
  20% Real estate investment trusts
  15% U.S. Treasury bonds
  15% U.S. Treasury inflation-protected securities
  15% Foreign developed-market stock funds
  5% Emerging-market stock funds
  In an interview with Yale magazine, Swensen said, economic conditions might call for a modest revision. He now recommends that investors have 15 percent of their assets in real estate investment trusts, and raise their investment in emerging-market stock funds to 10 percent.
  Get my white paper: The Informed Investor: 5 Key Concepts for Financial Success.
  The following illustrates an implementation of the Swensen allocation with a strong small and value tilt. Despite having only 70% in equity, it has outperformed the benchmark S&P 500.
  
  
  Get my white paper: The Informed Investor: 5 Key Concepts for Financial Success.
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David F. Swensen - Wikipedia

https://en.wikipedia.org/wiki/David_F._Swensen

David F. Swensen (born 1954) is an American investor, endowment fund manager, and philanthropist. He has been the chief investment officer at Yale University since 1985. Swensen is responsible for managing and investing Yale's endowment ... Yale's preferences in a letter to the endowment's money managers.

Thesis‎: ‎A Model for the Valuation of Corporate ...

Residence‎: ‎New Haven, Connecticut‎, U.S

Known for‎: ‎The Yale Model‎; Swensen approach; ...

The Money Management Gospel of Yale's Endowment Guru - The ...

https://www.nytimes.com/.../the-money-management-gospel-of-yales-endowment-guru....

Nov 5, 2016 - The mammoth Yale endowment fund run by David Swensen has been a training ground for investment managers, its alumni now scattered ...

Yale Investments Office

investments.yale.edu/

During the decade ending June 30, 2016, Yale's investment program added .... per annum of outperformance and Yale's superior manager selection contributed ...

Investment Managers — Yale Investments Office

investments.yale.edu/investment-managers/

Start-up managers play a central role in the Endowment's portfolio. Yale readily partners with early-stage managers without formal track records or a substantial ...

Yale's Money Guru Shares Wisdom with Masses : NPR

https://www.npr.org/templates/story/story.php?storyId=6203264

Oct 5, 2006 - Yale Money Whiz Shares Tips on Growing a Nest Egg April 3, 2008 ... portfolio likely to give you good returns while still managing risk:.

How to invest like ... Yale University's £20bn fund - The Telegraph

www.telegraph.co.uk/investing/funds/invest-like-yale-universitys-20bn-fund/

Apr 7, 2017 - Like the retired investor, Yale University relies on its fund to provide ... This typically involves lending money to the managers of a business in ...

Yale U's Unconventional - Lazy Portfolios - MarketWatch.com

https://www.marketwatch.com/lazyportfolio/portfolio/yale-u-portfolio

David Swensen manager of Yale University's endowment fund generated returns in the range of 16% annually the past couple decades portfolio for retail.

Do Harvard, Yale Overpay Their Money Managers? - Bloomberg

https://www.bloomberg.com/.../are-harvard-and-yale-overpaying-their-money-manag...

Jan 30, 2014 - Money managers who handle university endowments tend to be the highest-paid employees on campus. (Executives at Harvard Management ...

Harvard's New Fund Manager, Copying Yale, Will Farm Out Money ...

https://www.bloomberg.com/.../harvard-says-endowment-will-outsource-most-manag...

Jan 25, 2017 - The new head of Harvard University's endowment moved quickly to

The Yale Model, sometimes known as the Endowment Model, was developed by David Swensen and Dean Takahashi and is described in Swensen's book Pioneering Portfolio Management. It consists broadly of dividing a portfolio into five or six roughly equal parts and investing each in a different asset class.

David F. Swensen - Wikipedia

https://en.wikipedia.org/wiki/David_F._Swensen

The Curse of the Yale Model - Forbes

https://www.forbes.com/sites/rickferri/2012/04/16/the-curse-of-the-yale-model/

Apr 16, 2012 - The Yale Model is an investment strategy named after the university endowment that popularized the concept. The strategy produced superior returns over the past 15 years and made the Yale endowment the envy of all institutional investors. ... Alternative investments dominate the portfolios.

David F. Swensen - Wikipedia

https://en.wikipedia.org/wiki/David_F._Swensen

The Yale Model, sometimes known as the Endowment Model, was developed by David Swensen and Dean Takahashi and is described in Swensen's book Pioneering Portfolio Management.  

It consists broadly of dividing a portfolio into five or six roughly equal parts and investing each in a different asset class.

Thesis‎: ‎A Model for the Valuation of Corporate ...

Residence‎: ‎New Haven, Connecticut‎, U.S

Known for‎: ‎The Yale Model‎; Swensen approach; ...

How Do The Rich Invest? A Look Inside Yale Endowment's Asset ...

https://www.financialsamurai.com/a-look-inside-investment-asset-allocation-of-massiv...

In 1987 Steyer approached David Swensen, Yale's CIO, to manage a portion of ... investments for us for much lower fees than traditional money managers. In the ...

In 1987 Steyer approached David Swensen, Yale’s CIO, to manage a portion of Yale’s endowment for no fee to prove himself. After Farallon’s initial success, other college endowments followed Yale’s example. By then, hedge funds were now charging 2% of assets under management and 20% of the profits.

Tom Steyer backs $10 million campaign to impeach Trump - CNNPolitics

www.cnn.com/2017/10/20/politics/tom-steyer-ad-impeach-trump/index.html

Oct 22, 2017 - Billionaire Tom Steyer is spending what an aide says is "well over $10 ... TV ad campaign Friday calling for President Trump's impeachment. ... These actions represent systemic attacks on our nation's future," Steyer writes.