In its April issue, Condé Naste Portfolio published a fascinating article about Yale's long-time endowment manager, David Swensen and his propagation of university endowments' move toward alternative investments, including private equity, venture capital, real estate, and commodities, among others. It is staggering that some of Yale's peer institutions shifted as much as 80% of their assets into alternatives.
As we have heard for many months and as this article reiterates, endowments at virtually all institutions, including Yale and those that followed its model, are suffering right now. Total assets are down by 25-30% or more. However, it is important to remember that alternatives as an asset class are not down as much as U.S. equities. So while alternative investments limit an endowment's liquidity, which can be a critical problem for a university, it is not clear that institutions that stayed away from alternatives entirely would have fared better on a returns basis.
"There was truly no place to hide," explains Sandra Ell, Caltech's chief investment officer.
Transit Tech Lab
3 months ago
Posts
7 comments:
In his book, forgot which on, Swensen writes "Liquidity is overpriced. It is never there when you need it."
Wow! After all I got a webpage from where I
be able to genuinely get valuable data regarding my study and knowledge.
Take a look at my site : tilted tunnel secret exit
Malaysia & Singapore & brunei best internet blogshop for wholesale
& supply korean accessories, earrings, earstuds, choker, rings,
trinket, hair & bangle add-ons. Promotion 35 % wholesale markdown. Ship Worldwide
Here is my web blog - unemployment ohio
Nice answer back in return of this issue with genuine arguments and explaining everything on the topic of
that.
Look at my blog post ... the truth teller show
Hey there I am so thrilled I found your site, I really found you by mistake, while I was searching on Bing for something
else, Nonetheless I am here now and would just like to
say thanks a lot for a incredible post and a all round interesting blog (I also love the theme/design), I don’t have time to go through it all at the minute but I have book-marked it and also added
in your RSS feeds, so when I have time I will be back to read
a great deal more, Please do keep up the great work.
Feel free to visit my web site Find Energy Solutions
You can certainly see your expertise within the work you write.
The sector hopes for even more passionate writers like you who are not afraid to
mention how they believe. All the time follow your
heart.
My blog post - d'nest Condo
fantastic put up, very informative. I ponder why the other experts of this sector do not understand this.
You should continue your writing. I'm confident, you've a huge readers' base already!
My page Kosher Desserts
Post a Comment