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January 21, 2007
Harvard's Secret to Endowment Investing Success
Ivy League schools have turned in remarkable investing track records on multi-billion-dollar endowments. How have they done so well? There are a number of reasons, but my favorite is one cited in the current Economist:According to one former Harvard official, its endowment fund has done so well because it has avoided taking advice from the economics faculty.
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A couple of years ago, there was an interview with Yale's David Swensen in the National Post where he described the endowment's investments and gave a suggested asset allocation for individual investors. I have used this portfolio very successfully and often pull the article out for anyone asking for investment advice.
Just classic.