David Swensen：
1、Led by Tobin’s ideas, he stressedasset allocation rather than stock picking, or attempts to time the market — beyond the mechanical market timing that came with his policy of regularly rebalancing Yale’s portfolio. At the margin, that entailed buying more of assets that had done badly and selling some of those that had done well.
2、With the public markets deeply liquid and exhaustively researched, there was no point in trying to beat them. But private markets were less efficient, and he could reasonably hope to find bargains if his team was smart enough.
3、The first was that equities were indubitably better than bonds or cash for the longer term — and that “equities” should not be restricted merely to shares traded on public stock exchanges but should include any investment with a non-guaranteed upside for the investor. His second was that diversification was important.
4、 He regularly attacked excessive fees in his later years. If his team couldn’t find any place where Yale’s long-term horizon might give them a chance to beat the market, he might even have left money in index funds.
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