Investment strategies - Contrary-wise.(Yale University endowment fund investments)(Brief Article)
Economist (US), The, May, 2000
NEW YORK
AMERICANS with money have learned three lessons over the past two decades: investing is good, investing in shares is better, and investing in American shares is best of all. The numbers are staggering. Any institution that invested entirely in American equities would have outperformed 99% of all other institutions over the past 15 years. Any that ignored them would land in the bottom 1%. To diversify has been to suffer.
But what then, is going on at the endowment fund, worth $7.2 billion, of Yale University, one of America's better-known educational establishments? It has certainly bucked the trend. Ten years ago, almost three-quarters of its portfolio was in publicly traded shares. Now that proportion is down to 15% (the average for a...
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