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%.
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/
Posted by: David Swensen fan | February 02, 2009 at 10:06 PM
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