朋友和同事还记得大卫·斯文森吗

据以前的同事和朋友说，很少有机构投资者像大卫·斯文森那样有影响力。亚博赞助欧冠

长期的耶鲁大学投资总监died at age 67 on Wednesday经过与癌症的长期斗争，该校校长周四宣布。认识他的人说，他留下了开创性的投资管理和经久不衰的良师益友的遗产，这些遗产将在未来几年继续存在。

“It is a day of grief but also a day of gratitude,” Anne Martin, chief investment officer at Wesleyan University and a former Yale Investments Office director, said via email Thursday. “David had such a huge impact on the world and that’s something we should all be grateful for.”

斯旺森“转型”养老管理

斯文森在耶鲁的生活始于博士学位。1980年获得经济学学位。在1985年回到康涅狄格州纽黑文的学校之前，他离开了大学，在所罗门兄弟和雷曼兄弟工作。

他被雇来管理耶鲁大学的捐赠基金，这个职位他一直担任到去世。在投资办公室掌舵期间，截至2020年6月30日，斯文森将投资组合增至312亿美元，returning an unrivaled12.4 percent on average for the past 30 years, according to Yale Investments Office’s website.

斯文森通过开发现在称为“Yale Model“这涉及将大部分资本汇集到替代资产中。根据a columnwritten by Charles Ellis, Yale’s former investment committee chair, the model requires an “unusually heavy commitment to equity investments — with bonds relegated to providing only enough liquidity to meet the inherently unpredictable variations in cash requirements of a major university that has many independent inflows and outflows.”

基金会负责人表示，投资策略正在改变行业。

麻省理工学院投资管理公司（MIT Investment Management Company）总裁、耶鲁大学投资办公室前主任塞思•亚历山大（Seth Alexander）说：“大卫不仅领导了捐赠行业，还改变了捐赠行业。”他改变了我们所有人的投资方式。”

Days before he died, Swensen led a discussion on the new “Yale Investments Office: November 2020” case study for the school’s senior economics seminar, Investment Analysis, according to Dean Takahashi, Swensen’s long-time second in command.

“He was incredibly selfless and generous in his dedication to Yale and its teaching mission,” Takahashi said. “Dave was a legendary pioneering investor and built incredible value for Yale and many other endowments and charities, but to me what was extraordinary and special was how much he loved and cared for his wife Meghan, family, friends, and Yale, and how he was able to lead and inspire all those around him.”

尽管斯文森的投资模式是开创性的，但包括高桥在内的前同事和朋友们表示，他们将更加记得他对耶鲁大学的忠诚，以及他对学生和员工的指导。

Beloved Mentor

“David will of course be remembered for his contributions to institutional investing, which served as a guide for so many,” saidKim Sargent,chief investment officer at the David and Lucile Packard Foundation and former senior analyst at Yale. “What people may not know about David is what a dedicated teacher and mentor he was to young people.”

除了经营大学的投资办公室，斯文文在学校教授课程。他聘请了耶鲁学生作为实习生和入门级员工，并建议学校的管理员，亚博赞助欧冠previously报道.

Takahashi met Swensen 45 years ago when the famous investor, then a graduate student, was serving as a freshman counselor at Berkley College. Takahashi recalled that as college students, they joked that Swensen was the “biggest, most enthusiastic freshman even though he was an accomplished graduate student in economics.”

高桥通过电子邮件说：“从那以后，他一直是我的导师、老板、队友、联合教练、联合老师、同事、合伙人、支持者、我和妻子温迪的伴郎，以及最好的朋友。”。

高桥将继续在耶鲁大学投资办公室（yaleinvestments Office）的Swensen手下工作33年，最终担任高级主管和有效副手stepping downfrom the role in 2019.

据鲍登学院即将离职的首席信息官说，Paula Volent，斯文森在人才侦察中很好。

曾在耶鲁大学捐赠办公室担任高级助理的沃伦特说：“他有一种超凡脱俗的能力来识别投资人才，并支持许多后来成为业内家喻户晓的投资者。”。她补充说，斯文森“非常自豪”地看到他的前雇员把耶鲁模式带到其他机构，包括鲍登。

根据Takahashi, of the top 15 endowments ranked on their 10-year performance numbers, six are led by Yale Investments Office alumni.

In an interview with二在2018年春天的办公室里，斯文森说他和学生们保持了长达30年的联系“我只是喜欢教书，”他说这些联系真的很重要，对我来说真的很有价值。”

Those former students remember Swensen fondly.

“当我回顾我的职业生涯时，没有比大卫对我的职业生涯产生更大影响的老师，”私募股权公司TPG的合伙人David Trujillo说。Trujillo回顾说，当他把vanen的课程作为大学的一名高级，斯文文说，他说“私募股权”。

特鲁希略说：“当时，我从未听说过这个词。”他给我介绍了我的第一份工作，现在我已经在私募股权投资公司工作了24年。多年来，他为几十名学生做到了这一点，这真是一件了不起的事情。”

泰德·塞德斯，《资本分配者》一书的作者，耶鲁大学捐赠基金会的前高级助理，记得斯文森吗同样地。”大卫是我第一位也是最伟大的导师，对我来说就像是另一位父亲他说的每一句话，关于投资和生活，我都紧紧抓住。”

普林斯顿大学投资公司（Princeton University Investment Company）总裁、另一名前高级助理安德鲁•戈尔德（Andrew Golden）也同样对斯文森的建议持保留态度。

“每天我为他工作，每天都在为此，我怀疑未来每一天，我至少有一个与他的辩论，内心的辩论：”戴夫会说这个投资机会，这个组织选择，这个potential hire, etc.?’” he told二.

“我记得28年前，当我离开姚家去另一份工作时，他给我的建议是：‘你必须专注于建立一个团队。“这份工作对一个人来说太大了，”戈尔登补充道。

另一位耶鲁大学捐赠基金的校友、宾夕法尼亚大学首席信息官彼得·阿蒙（Peter Ammon）说，他“每次和大卫谈话后，都觉得自己学到了一些东西，无论是关于具体投资还是更普遍的生活。”

阿蒙补充说：“他教会我们批判性地思考，记住首要原则，永远不要忘记投资与人有关，永远不要害怕做正确的事。”。

For Wesleyan CIO Martin, Swensen was a person who changed her life’s “very trajectory.” For Sargent, he was a “dedicated teacher and mentor.” Alexander agreed: “I knew nothing about the endowment industry, but I knew I wanted to go work for him.”

“他最持久的遗产”

对于这些投资者,斯文森对耶鲁的承诺and its mission remains inspiring. Trujillo said that Swensen cared “so deeply” and equally about Yale, his students, and his returns.

“On the one hand, he was intensely competitive — he always tracked his returns relative to other endowments — and he was an incredible fighter, having fought cancer for so many years,” Trujillo said. “But David was just as equally caring in terms of what he did for the institution, and what he gave to his students.”

In the2020列埃利斯写信给二前者投资委员会主席写道，斯文森致力于为他所爱的机构提供服务。“他走得更远，教授大学生和大学活动和本科活动中的大学生和参与的挑战性和普遍的课程，”埃利斯写道。

This included leading beer and wine tastings for the school’s students, a tradition that started when he was a graduate student. He kept the menus as souvenirs, and when he spoke with二in 2018, one was hanging on his wall.

在这次采访中，斯文文告诉二他喜欢成为耶鲁社区的一员。他回忆说，当一位耶鲁大学的前学生问他为什么不在华尔街工作时，他回答说：“如果我身价10亿美元，我就得在华尔街的一家公司工作，他们就不会有足球队了。”

Cheering for the football team, Swensen added, being “shorthand for loving the community and obviously the students and the faculty and colleagues.”

Takahashi said that it was “so fitting” that the presentation Swensen gave to students in the week leading up to his death opened with him reminiscing about the 2019 Yale-Harvard football game. Swensen conducted the coin toss for “The Game,” as Takahashi called it, something Swensen said he was “honored and lucky” to do.

高桥还说：“当然，大卫的参与以及他为耶鲁和捐赠管理所做的一切让球队和球迷感到荣幸。”。

高桥说：“尽管戴夫和梅根一直在与癌症作斗争，但他还是接待了一大批朋友，通过抗议、双倍加时赛、人群稀少和即将到来的黑暗，顽强地为球队加油。”当耶鲁大学最终赢得所有比赛中最伟大的一场时，戴夫高兴得流下了眼泪。”

在2018年的结束时，二asked Swensen what he wanted his legacy to be. He said: “Just that I helped provide the resources to make a great institution even better.”

Sargent believes that legacy will extend beyond Yale itself: “As those he taught now go out and pay his gifts forward, perhaps this will become his most lasting legacy.”

-amywhyte为此报告做出了贡献。