Alternative Investments: Part 1
David Swensen, manager of the Yale endowment, has been lauded for his innovative approach to portfolio management. Under his guidance, the Yale endowment grew from $1 billion in 1985 to $22.5 billion in 2007. Although the endowment has subsequently plunged almost 30%, Swensen's track record relative to his peers is still very good. Based on his long-term success, it is reasonable to ask if some of his ideas can add value for individual investors. When Swensen started at Yale,