Word: yaleness
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...like being run over by a tank with a Lotus engine and to find the experience educational," says Strobe Talbott, president of the Brookings Institution. Such pastimes may come naturally to the first son of two noted economists who was born in New Haven, Conn., in the shadow of Yale, and grew up in Philadelphia not far from the University of Pennsylvania. Not only did he become, at 28, one of the youngest tenured professors in Harvard history, but a decade later he also went on to win the prestigious John Bates Clark Medal, given to the best American economist...
...While some schools, including Yale, outsource large portions of endowment management work to hedge funds and external investment firms, Harvard relies heavily on its in-house managers...
...Yale Chief Investment Officer David Swensen—who makes roughly $2 million a year—has criticized HMC’s high salaries in the past, saying that such pay “tears at the fabric” of the University and leaves HMC “inherently unstable...
...decade ending 2006, Yale achieved annualized endowment returns of 17.2 percent, beating Harvard’s return of 15.2 percent—a figure that the alums have cited in arguing that high returns can be achieved without high salaries and that external managers may be more cost-efficient...
...Yale, like all universities, is not legally required to disclose how much it pays external fund managers, which complicates comparisons of overall payments to money managers...