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（容易误解）耶鲁型号

A large majority of investment professionals admire the achievements of David Swensen and the Yale Model over more than three decades. Wisely, many managers have studied the chief investment officer’s book wherein Swensen explains clearly why and how to invest according to the Yale Model, which he developed from first principles.

可以理解的是，越来越多的禀赋都希望通过遵循主要的定量指标来恢复斯文文的结果：强调具有最小债券和风险投资，私募股权，对冲基金和国际投资的大规模承诺的股权投资。（斯文文通过发布关于资产混合和其理论和实践的新发展的严格年度报告。）

His gifts to the field of endowment investing have been numerous and substantial. First, of course, Swensen has set the example with his career commitment. Second, with his splendid book开拓组合管理。Third, through the clarity of his moral compass when addressing complex questions of good governance. Fourth, by explaining complexities such as how to determine how much liquidity is optimal when investing in private equity. The list of crucial innovations goes on. Intergenerational equity is assured by using a sophisticated formula originated by Nobel Laureate James Tobin, who is also Swensen’s dissertation adviser and personal friend.

奇怪的是，许多投资经理和许多机构投资界的成员似乎不完全了解耶鲁斯的投资管理进程中的风险管理和风险控制的重要意义。肯定地调整风险，耶鲁养老金的成就记录将被认为是更强大的。

耶鲁型号的风险控制 - 在几个方面重要 - 从投资委员会的成员开始，以总投资组合和每个资产类别的多样化，并延伸到仔细选择监管银行。

耶鲁型号的客观指标包括对股权投资的异常沉重的承诺 - 降级债券只提供足够的流动性，以满足一个拥有许多独立流入和流出的主要大学现金需求的本质上不可预测的变化。由于耶鲁已经存在三个世纪，并且计划至少在未来的时间内，投资组合在其构成中具有异常长期，并以其评估的方式。

Although unified in their admiration of the Yale Model and its architect, observers are divided between those with objective and those with subjective views — or quantitative versus qualitative perspectives. To the question “Which is more important to Yale’s success?,” the correct answer is “Both.” Let me explain.

这quantitative answer is widely known by readers of Swensen’s book, which explains the process by which the Yale endowment has been managed over the past 35 years of deliberate success. Alternatively, many have, often with self-confessed envy, examined Swensen’s annual reports. The quantitative results accomplished are quite properly esteemed.

这selection of managers has long been dominated by detailed assessments of character; the diversified structure of the total portfolio is designed to withstand the stresses of disruptive capital markets; diversification within each asset class is carefully designed; cash flows in venture and private equity are modeled to avoid “inconvenient” demands for funding; and once each year a soup-to-nuts review of the portfolio structure is undertaken in a rigorous search for imperfections.

这se are the main components of the objective view of the Yale Model. Any endowment would be advantaged by examining and adopting the core principles underlying this version. But to assume that this is the whole truth about the model would be a serious underestimation of the real thing. At least as important to its great success are a whole slew of other contributing factors. These factors are “soft,” not hard, subjective rather than objective, and are easily missed by those focused on the quantitative factors.

Another way of describing the Yale Model would be dominated by a series of essential qualitative factors seldom noted or emphasized by those who focus on the objective aspects. Fortunately, the lessons to be learned can be applied to any endowment and are all low-cost.

仔细观察员很快认识到，斯文文的投资过程融入了大学本身，特别是投资人员或团队的发展。

来自耶鲁学院的斯文招募。数十种申请。只有最好的学生才接受采访。其中，邀请最有前途的夏天实习，而且那些，邀请少数几年在毕业后担任斯文森的永久员工。可能会邀请一两个人长期加入工作人员。

从分类帐目标一侧列出的一个因素：风险控制。显然，一个定性纪律，认识到风险控制的中心是主观因素，并从投资委员会开始。在耶鲁的成员，这个突出群体不会被选中从担任受托人那里选择。该过程是反向：委员会成员由耶鲁总统，投资委员会主席选出，并为其为捐赠管理管理价值增加价值的士文森。然后，在为委员会选择的人中，有些被要求作为受托人，一系列确保首先 - 首先。

Committee members will long remember their responsibilities. Consistent attendance at all meetings is mandatory. At least as important is thorough preparation for active participation. Ten or more hours of reading and study before each meeting is normal. The depth and rigor of the due diligence done on managers are surely unusual and set a high standard for discussion during the quarterly meetings.

致力于服务伟大大学的使命渗透了每次会议（以及预计委员会成员的各种非会议方式）。One of Yale’s secrets is to regularly send a CPA (armed with a cheerful smile, a bow tie, and a helpful disposition) to spend a day or more with each manager to kick the tires and inspect all those internal aspects of an investment organization — reporting lines, compensation policies and practices, risk controls, information resources, etc. — that are rarely mentioned, let alone probed in-depth in conventional new-manager write-ups. Though new managers may be somewhat intimidated by the prospect, all experienced managers find the actual process congenial and the results helpful — and look forward to the next visit.

当耶鲁耶鲁经理两个特殊日子举办经理时，另一个定性耶鲁“秘密”是一年一度的周末郊游。第一个是在耶鲁斯的标志性高尔夫球场上花在耶鲁斯的标志性高尔夫球场上，将经理与校兵和校长团队的成员混合在一起。第二天是圆领网球与耶鲁总统，Provost和若干副总统，加上大学球员和教练。在晚餐时，总统提出了一项简短的谈话，表达了感谢，强调耶鲁履行其使命有这么精湛的投资管理人员的重要性。（注意与经理的常见态度不同于“供应商”。）装满了耶鲁地用症的好袋子被赋予了许多充满时光的提醒，并有机会作为真正承诺的真实人士了解整个团队服务耶鲁大学捐赠及其使命。

耶鲁模特的一个重要的定性方面不仅仅是经理关系异常长期（平均十几岁），而且它们中的许多人在管理公司开始之前甚至在弗伦登倾斜那个时开始正在形成新的一流投资者组织，这是值得他的考虑。鉴于这些机会，斯文森帮助众多新的经理设计自己及其战略。

Close observers of the Yale Model of endowment management will appreciate that the core of it is both qualitative and personal: Swensen’s own career commitment to serving the institution Swensen loves, beginning with the obvious and substantial financial sacrifice of not making a large personal fortune. He goes farther, teaching a challenging and popular course to undergraduates and participating actively in university events and undergraduate activities.

当然，渗透耶鲁模特的每个主观方面都是其发起人和领导者。在投资过程的各个方面的严格学科方面，个人温暖和投入和专业艰难，大卫斯文森已经开发了真正的耶鲁型号。他是一个不可能复制的定性模型的一个方面。。。除了其他异乎寻常的才华横溢，专业的纪律处分和以特派团为中心的普通的榜样，准备致力于将他们的职业生涯赋予伟大的机构的成功及其对我们国家和世界的促进服务使命。