David Swensen Interview in the Financial Times

Read it here.

This is not a knock against Swensen, but it seems to me if an article reports Yale's 16.3% annualized return in the 10 years ended June 30, 2008, it should also report the endowment's subsequent 25% decline. 

A 10-year record of 16.3% followed by a 25% decline in year 11 produces a total 11-year annualized return of 11.8%.

Comments

[David Swensen fan]

David Swensen also gave advice to individual investor on Fox News.

http://investmentscientist.com/2009/01/07/david-swensen-gives-four-point-advice-to-individual-investors/

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I can believe that Swensen's strategy works. At the start of this project I has some doubts but all have become clear now.