Archive for the ‘security selection’ Category
What (not) to learn from Harvard and Yale endowments’ investment approach
Posted by: Michael Zhuang on: March 20, 2009
University endowments are important institutions. They play a critical role in maintaining the academic excellence of the universities that rely heavily on their income. Recently, these endowments have drawn much attention because of their superior investment returns compared to other institution investors, such as investment banks and insurance companies. There is much diversity among university [...]
A David Swensen lecture in Yale University
Posted by: Michael Zhuang on: February 3, 2009
David Swensen, Yale’s Chief Investment Officer and manager of the University’s endowment, discusses the tactics and tools that Yale and other endowments use to create long-term, positive investment returns. He emphasizes the importance of asset allocation and diversification and the limited effects of market timing and security selection.
David Swensen’s Fox News interview
Posted by: Michael Zhuang on: January 7, 2009
This is based on an interview David Swensen done on Fox News Network. 1. Have a strong decision-marking process Investing success requires sticking with decisions made uncomfortable by the variance of opinions. In his own words: Think carefully how it is that you are gonna allocate your assets and stick with it. Too many individuals [...]
Author
Michael Zhuang is principal of MZ Capital, a fee-only independent advisory firm applying David Swensen's insights for clients. He is also a regular contributor to Morningstar Advisor. To use his wealth management services, schedule a discovery meeting (phone call) with him.
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