Word: swensen
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Yale Chief Investment Officer David Swensen, whose fund has outperformed Harvard’s over the past two decades, said in a speech last month that Harvard overpays its endowment managers—providing ammunition for alumni who have assailed the University’s salary structure...
...Swensen I love it here. There's more to life than accumulating a pile of money...
...Swensen If individuals follow a simple recipe and stay diversified with index funds, they've got a fighting chance. You won't talk about it at cocktail parties, but you should have success...
...Swensen We found that the after-tax shortfall of actively managed funds compared to an index was 2.8% per year over 20 years. Put another way: your chance of picking a managed fund that will beat an index is less than 1 in 7--and that doesn't factor in sales commissions...
...Swensen Individuals absolutely cannot get it right. Most of us feed our winners and kill our losers. But with investments, if something is going well, we need to think about paring back. If it's going poorly, we need to think about nurturing it. The evidence that people chase winners is overwhelming. It's not all their fault. Mutual funds advertise funds that have done well--just before they start...