David Swensen

Yale University’s stellar endowment record earned it an enviable reputation. But over the past 10 years, it has failed to beat the market.

Small cap stocks generate higher returns over time than large cap stocks… although they do so at the cost of higher volatility.

Yale’s endowment fund is $25 billion; Harvard’s is $36 billion. It’s a failure of Ivy League proportions – not because Yale has less, but because they could have had more…