On losses associated with Yale’s endowment over the past year:
“I don’t think it makes sense for an institutional investor with as long an investment horizon as Yale’s to structure a portfolio to perform well in a period of financial crisis. That would require moving away from equity-oriented investments that have served institutions with long time horizons well.”
Quotation attributed to David Swensen, chief investment officer of Yale University and author of Pioneering Portfolio Management.
The message from Wealthflow… in times of uncertainty ”stick with the programme”.