The Real Yale Model
what-teds-thinking
September 7, 2023
Investors following David Swensen too often miss the mark in their interpretation of his theory. Like children playing the game telephone, they listen to other voices and echo beliefs with shakier foundations than Yale’s. Anyone adopting the “Yale Model” is well served to revisit David’s writing from time to time. I had a chance to […]
READ MOREREAD MORE
Capital Allocators Monthly Newsletter - August 2023
monthly-email, news
September 1, 2023
Join our Mailing List to receive additional content each month, including Ted’s recent blog posts and premium content previews.
READ MORE
Masters in Business
news, podcast-episode
August 22, 2023
Ted sat down with Barry Ritholtz on the Masters in Business podcast in August 2023. Listen Here.
READ MORE
Active Management Today is a Single Decision
what-teds-thinking
August 3, 2023
About twenty years ago, I sat down with a leading long-short hedge fund in Korea. The portfolio manager spent forty minutes offering an articulate bull case for Samsung, in which he had a 20% long position. When he finished his impassioned presentation, I responded with a single question: “That sounds great, but why are you […]
READ MOREREAD MORE
Capital Allocators Monthly Newsletter - July 2023
monthly-email, news
August 1, 2023
Join our Mailing List to receive additional content each month, including Ted’s recent blog posts and premium content previews.
READ MORE
Capital Allocators Monthly Newsletter - June 2023
monthly-email, news
July 2, 2023
Join our Mailing List to receive additional content each month, including Ted’s recent blog posts and premium content previews.
READ MORE
The Impermanence of Permanent Capital
what-teds-thinking
June 22, 2023
Back in 1994, I was overseeing Yale’s boring, internally managed bond portfolio. We benchmarked the portfolio to the Lehman Brothers Government Bond Index and occasionally sought to add value buying securities with the same characteristics as a bond at a discount. [1] One example was the Morgan Stanley Government Income Trust (“GVT”) a closed-end fund […]
READ MOREREAD MORE
Capital Allocators Monthly Newsletter - May 2023
monthly-email, news
June 1, 2023
Join our Mailing List to receive additional content each month, including Ted’s recent blog posts and premium content previews.
READ MORE
I Don't Know
what-teds-thinking
May 24, 2023
I ask every guest on the podcast “What is your biggest investment pet peeve?” Mine is investors who express absolutes in a world of probabilities. The late Peter Bernstein defined risk as “you don’t know what will happen,” adding “even when you think you do.” There’s a fine line that investors walk between conviction and […]
READ MOREREAD MORE
Capital Allocators Monthly Newsletter - April 2023
monthly-email, news
May 1, 2023
Join our Mailing List to receive additional content each month, including Ted’s recent blog posts and premium content previews.
READ MORE
