New York Times, 5/6/2021
Mr. Swensen’s innovation at Yale was to shift endowment investing from a formulaic menu of stocks and bonds to a portfolio that included hedge funds and even timberlands. When he took over at Yale in 1985, the endowment was worth $1.3 billion. Since then it has grown to $31.2 billion, passing those at both Princeton and the University of Texas and trailing only Harvard University’s. Mr. Swensen was particularly proud of how the growing endowment had helped the university contribute to financial aid.
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