Has the ‘Endowment Model’ stopped working?

January 31st, 2017

Speed Read Through 2016, the average university endowment has had a poorer record—over one year, three years, five years, and 10 years—than the average public pension fund. The average endowment earned 6.3% a year over the previous 10 years, compared with 6.8% for a 60%/40% blend of U.S. stocks and bonds. Harvard’s HMC has just sacked half […]

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Michael Sandel: Progressive parties have to address the people’s anger

January 1st, 2017

Link The election of Donald Trump and the triumph of Brexit – the two political earthquakes of 2016 – resulted from the failure of elites to grasp the discontent in democracies around the world. The populist revolt marked the rejection of a technocratic approach to politics incapable of understanding the resentments of voters who feel the economy […]

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Gavyn Davies: How should we compensate the losers from globalisation?

December 16th, 2016

How should we compensate the losers from globalisation? Link The rise in political “populism” in 2016 has forced macro-economists profoundly to re-assess their attitude towards the basic causes of the new politics, which are usually identified to be globalisation and technology. The consensus on the appropriate policy response to these major issues – particularly the […]

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New York Times : The Money Management Gospel of Yale’s Endowment Guru

November 5th, 2016

Link Mr. Swensen, 62, runs the school’s $25.4 billion endowment, one of the largest in the country. Usually he is joined by his intellectual sparring partner, Dean Takahashi, his senior director. It amounts to an internship in the world of managing a university’s billions — and the young analysts have a front-row seat. “It was […]

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FT: 86% of active equity funds underperform

March 11th, 2016

Link Almost every actively managed equity fund in Europe investing in global, emerging and US markets has failed to beat its benchmark over the past decade, raising more questions about the value stockpicking managers add. The findings pile further pressure on active fund managers, who have come under repeated attack from academics and consumer groups […]

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