Yale Endowment Pain

For a number of years university endowments like Yale’s and Harvard’s have made truly admirable returns (16%+ annually for many years in Yale’s case) and have been held up as examples of the virtues of broad asset allocation and extensive use of alternative investments (hedge funds, private equity, real assets such as timber, etc.).  Well, it turns out even the wizards at Yale’s Endowment are human: they are down approximately 25% since June 1.

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