434:. Swensen's candidacy was suggested by James Tobin, who, despite his former student's young age, believed he could be the right person. Swensen was hesitant about taking the job at first, since he did not know much about portfolio management aside from his studies in graduate school. Nevertheless, Brainard convinced him to take the position and Swensen started on April 1, 1985, by taking an 80% pay cut. A year later, in 1986, he was joined by Yale College and School of Management graduate Dean Takahashi, who soon became Swensen's trusted deputy. In 1985, when Swensen started managing the endowment, it was worth $ 1 billion; in 2019 it was worth $ 29.4 billion.
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well as distinguished and devoted alumni in the financial world. Hence, investments were made in venture capital firms, tech firms, and hedge funds. At the early stages not many firms dealt with types of assets
Swensen was interested in. In order to invest in such assets he first helped to create those assets by becoming a venture capitalist of venture capitalists. As of 2019 about 60% of Yale endowment portfolio is allocated to alternative investments such as hedge funds, venture capital and private equity.
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downgraded or poorly rated funds into recently upgraded or highly rated funds. The result is the equivalent of buying high and selling low and results in returns for a typical investor far worse than simply buying-and-holding the funds themselves, especially for highly volatile areas such as technology funds. People would do better to focus on diversification among sectors and asset classes, which are the main determinants of long-term results.
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contribution in creation of Modern
Portfolio Theory. Swensen was fascinated by the idea of Modern Portfolio Theory. During his 2018 reunion speech Swensen said: "For a given level of return, if you diversify you can get that return at lower risk. For a given level of risk, if you diversify you can get a higher return. That's pretty cool! Free lunch!"
291:. His father, Richard David "Dick" Swensen, was a chemistry professor and dean at the University of Wisconsin-River Falls. His mother, Grace Marie (Hartman), after raising six children, became a Lutheran minister. After graduating from River Falls High School in 1971 Swensen elected to stay in his hometown of River Falls and receive his
442:, Swensen's "contribution" to Yale is greater than the sum of all the donations made in more than two decades. "We've just done better," Levin says, because of Swensen's "uncanny ability" to pick the best outside money managers. Swensen's former staff members, who later became managers of other endowment funds - including
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founder of Morgan Creek
Capital Management, one of the veterans of the endowment investment model, claims that one year where endowments did not outperform but rather "tie everybody else" does not break the endowment model. According to Yusko, the endowment model is still the most viable proposition
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Swensen won numerous awards for his investing and management of Yale's endowment. In 2012, he won the Yale Medal for "outstanding individual service to the
University." In 2008, he was awarded the American Academy of Arts & Sciences Fellowship and the year prior, the Mory's Cup for "conspicuous
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After
Harvard's endowment dropped a record 30% to $ 26 billion in the year ended June 2009, an 81-page report released in May 2010 found that "The endowment model of investing is broken. Whatever long-term gains it may have produced for colleges and universities in the past must now be weighed more
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Particularly revolutionary at the time was his recognition that liquidity is a bad thing to be avoided rather than a good thing to be sought out, since it comes at a heavy price in the shape of lower returns. The Yale Model is thus characterized by relatively heavy exposure to asset classes such as
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In
September 2014, Swensen began to move the Yale endowment away from investment in companies that have a large greenhouse footprint, expressing Yale's preferences in a letter to the endowment's money managers. The letter asked them to consider the effect of their investments on climate change, and
612:. Some Yale alumni had mounted a campaign to name one of two new residential colleges after Swensen; the two residential colleges were ultimately named after Benjamin Franklin and Pauli Murray. In 2023, Yale's School of Management announced the creation of the Swensen Asset Management Institute.
467:. Swensen called the editor-in-chief a "coward" for deleting an inaccurate sentence and removing a footnote in an op-ed that he submitted to the paper; his column, which he required to be published unedited, responded to a student teach-in that criticized companies allegedly in the Yale portfolio.
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administration and a future Nobel Prize laureate in economics. According to
Charles Ellis, founder of Greenwich Associates and former chair of Yale's investment committee, "When it snowed, David went to Jim's house to shovel the sidewalk". James Tobin's Nobel Prize, among other things, was for his
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and investment banks). He stated that "commercial banking serves a very important, useful function: gathering of deposits and making of loans, and if we define that function very narrowly and regulate it very heavily and required it to maintain a high level of capital then the capital environment
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Soon after heading the Yale investment office, Swensen, together with
Takahashi, sought out investments that would allow both diversification and higher return. They also implemented strategies that would take advantage of endowment idiosyncrasies: presumption of perpetuity, tax-exempt status, as
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entitled "The Mutual Fund Merry-Go-Round," about how the pursuit of profits by the management companies creates a conflict of interest with fiduciary responsibilities to their investors. The advertising of
Morningstar ratings leads investors to chase past leaders and roll money out of recently
517:. It consists broadly of dividing a portfolio into five or six roughly equal parts and investing each in a different asset class. Central in the Yale Model is broad diversification and an equity orientation, avoiding asset classes with low expected returns such as
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private equity compared to more traditional portfolios. The model is also characterized by heavy reliance on investment managers in these specialized asset classes, a characteristic that has made manager selection at Yale a famously careful process.
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companies for charging excessive fees and not living up to their fiduciary responsibility. He highlights the conflict of interest inherent in the mutual funds, claiming they want high fee, high turnover funds while investors want the opposite.
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As of 2005, the fund had managed annualized returns of 16.1%. He has been called "Yale's 8 billion dollar man" for his attainment of nearly $ 8 billion for the college endowment from 1985 to 2005. According to former Yale
President, economist
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to refrain from investing in companies that do not make reasonable efforts to reduce carbon emissions. This method was characterized by Swensen as a more subtle and flexible approach, as opposed to outright divestment.
180:, which totaled $ 25.4 billion as of September 2016. As of September 2019 the total amount is $ 30.3 billion. He was considered to be the highest-paid employee in Yale, leading a team of about 30 employees. He invented
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in 1980. This career move was suggested by a Salomon Brothers investment banker and Yale alumni, Gene Dattel, who was deeply impressed by Swensen. In 1981 Swensen worked as an associate in
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Many institutional investors have tried to replicate the Swensen Approach and the Yale Model to fit their hedge funds, pensions funds, and endowments, but have not seen the same results.
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591:. The investor should be very watchful of costs as some indices are poorly constructed and some fund companies charge excessive fees (or generate large tax liabilities).
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entitled "News You Can Endow" discussing the idea of newspaper organizations run as non-profits by endowments. On August 13, 2011, David Swensen published an op-ed in
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commonly known in the investing world as the "Endowment Model." His investing philosophy has been dubbed the "Swensen Approach" and is unique in that it stresses
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which is an investment guide for the individual investor. The general strategy that he presents can be boiled down to the following three main points of advice:
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Swensen was tapped to serve as the Yale endowment manager at age 31 in 1985. This position was offered by Swensen's other dissertation adviser, Yale's provost,
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His investment success with the Yale Endowment has attracted the notice of Wall Street portfolio managers and other universities. "He's right up there with
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The investor should construct a portfolio with money allocated to 6 core asset classes, diversifying among them and biasing toward the equity sections.
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fully against its costs – to campuses, to communities and to the wider financial system that has come under such severe stress." In a video interview,
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which allowed IBM to hedge their exposure to Swiss francs and German marks and the World Bank to make loans in those currencies more efficiently.
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for long-term investors. Investors would also realize that mark-to-market reporting has a bigger impact on reported performance than before.
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activities, where his work focused on developing new financial products. Swensen engineered the first currency swap transaction according to
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During an interview with Yale's international center of finance, he stated that capital markets would be much better off under the
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of 11.8 percent from 1999 to 2009. As of the 2016 fiscal year, Yale's endowment had risen by 3.4%, the most out of any
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268:'s 2012, a list of the 100 most influential institutional investors worldwide. In 2008, he was inducted into
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This type of investing – allocating only a small amount to traditional U.S. equities and bonds and more to
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On January 28, 2009, Swensen and Michael Schmidt, a financial analyst at Yale, published an op-ed piece in
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service to Yale." Also in 2007, he was awarded the Hopkins Medal "for commitment, devotion and loyalty to
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In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame along with
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Swensen made headlines on March 5, 2018 for arguing with the undergraduate editor-in-chief of the
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https://www.institutionalinvestor.com/article/b1k52pp0nq4f8b/The-Easily-Misunderstood-Yale-Model
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for Salomon Brothers to structure the world's first currency swap agreement, a deal between
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Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
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have adopted his allocation strategies to mixed success. Under Swensen's guidance the
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Swensen began his investment career in the early 1980s, and has since advised the
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Following his academic interest in valuation of corporate bonds, Swensen joined
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In the absence of confidence in a market-beating strategy, invest in low-cost
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where his father Richard Swensen was a professor. Swensen pursued a PhD in
927:"David Swensen's portfolio (from Unconventional Success) | Bogleheads.org"
836:"Investment return of 3.4% brings Yale endowment value to $ 25.4 billion"
1566:. Institutional Investor. Institutional Investor LLC. September 23, 2008
1202:"Yale's David Swensen Gets Into Spat With Student Paper Over Endowment"
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back to the original weightings of the asset classes in the portfolio).
1066:"Richard David "Dick" Swensen Obituary (1930 - 2019) Waverly Democrat"
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McDonald, Michael; Lorin, Janet; Bennett, Drake (September 11, 2019).
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from the school, he coined his investment philosophy "The Yale Model".
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stocks, domestic stocks, and developing world international equities.
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Unconventional Success: A Fundamental Approach to Personal Investment
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Swensen began advising the Yale Endowment in 1985; having earned his
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When Genius Failed: The Rise and Fall of Long-Term Capital Management
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In February 2009, Swensen was named to a two-year term on President
1031:"David Swensen, Who Revolutionized Endowment Investing, Dies at 67"
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1348:"Did Big Endowments Make Economic Crisis Worse? | onPhilanthropy"
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The investor should rebalance the portfolio on a regular basis (
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1373:"Mark Yusko: The Endowment Model isn't broken - Opalesque.TV"
1130:"Yale's $ 8 Billion Man: Yale Alumni Magazine (Jul/Aug 2005)"
454:- also showed impressive results in multiplying fund wealth.
165:, and philanthropist. He was the chief investment officer at
1650:"Yale Money Whiz Shares Tips on Growing a Nest Egg (4/3/08)"
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that limits the interaction between stock activities within
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Prior to joining Yale in 1985, Swensen spent three years on
161:(January 26, 1954 – May 5, 2021) was an American investor,
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Swensen was responsible for managing and investing Yale's
1661:"Despite Losses, Star Investor Trusts in Stocks (3/4/09)"
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Alumni mount campaign for Swensen's name on new college
1504:"White House Names Board of Outside Economic Experts"
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Swenson, David; Schmidt, Michael (January 28, 2009).
1307:"Yale Model Definition from Financial Times Lexicon"
1502:Irwin, Neil; Shear, Michael D. (February 9, 2009).
319:One of Swensen's dissertation advisers at Yale was
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770:List of University of Wisconsin-River Falls people
356:, The Investment Fund for Foundations (TIFF), the
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219:as a major force in investment management," says
1563:"Cohen, Simons, 12 Others Enter Hedge Fund Hall"
1532:"Obama taps Swensen for Economic Advisory Board"
705:Award for Excellence in Investment Management.
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1639:"Yale's Money Guru Shares Wisdom with Masses"
874:"How David Swensen Made Yale Fabulously Rich"
147:A Model for the Valuation of Corporate Bonds
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951:Yale University Endowment Update 2009, p. 24
1591:guest lecture by Swensen at Yale University
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184:with Dean Takahashi, an application of the
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1174:Fabrikant, Geraldine (September 7, 2014).
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287:, on January 26, 1954, and was raised in
1628:"For Yale's Money Man, a Higher Calling"
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194:Treasury inflation protection securities
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1176:"Yale Fund Takes Aim at Climate Change"
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196:, government bonds, real estate funds,
169:from 1985 until his death in May 2021.
118:Investor, money manager, philanthropist
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908:from the original on December 21, 2021
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1000:"The Alpha Hedge Fund Hall of Fame |"
565:In 2005, Swensen wrote a book called
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1691:21st-century American businesspeople
1686:20th-century American businesspeople
1029:Fabrikant, Geraldine (May 6, 2021).
283:David Frederick Swensen was born in
1538:. February 13, 2009. Archived from
301:University of Wisconsin-River Falls
275:s Hedge Fund Manager Hall of Fame.
91:University of Wisconsin-River Falls
1751:People from River Falls, Wisconsin
1330:Ellis, Charles (February 1, 2020)
1254:Swenson, David (August 13, 2011).
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1761:Yale School of Management faculty
1731:Deaths from cancer in Connecticut
1256:"The Mutual Fund Merry-Go-Round"
1128:Inc., Yale Alumni Publications.
973:"Can Anyone Beat David Swensen?"
660:Economic Recovery Advisory Board
544:Criticism of the Endowment Model
27:American businessman (1954–2021)
1716:Businesspeople from Connecticut
1284:. The Gary Hirst Insurance Blog
1134:archives.yalealumnimagazine.com
515:Pioneering Portfolio Management
358:Edna McConnell Clark Foundation
346:Howard Hughes Medical Institute
1426:"Interview with David Swensen"
1200:Lorin, Janet (March 5, 2018).
1004:Institutional Investor's Alpha
901:6. Guest Speaker David Swensen
775:List of Yale University alumni
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1726:Businesspeople from Wisconsin
1396:"More Unconventional Failure"
898:YaleCourses (April 5, 2012),
408:, specializing in the firm's
313:A Model for the Valuation of
271:Institutional Investors Alpha
650:Political and economic views
404:as senior vice president at
323:, a top economic adviser to
307:at Yale, where he wrote his
264:Swensen was listed third on
1114:Yale.edu - David F. Swenson
631:and an incorporator of the
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672:Glass–Steagall legislation
350:Courtauld Institute of Art
241:University of Pennsylvania
1430:Yale School of Management
1095:. The World Bank Treasury
956:October 11, 2010, at the
646:on May 5, 2021, aged 67.
625:Yale School of Management
509:, sometimes known as the
426:Yale University endowment
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1721:Businesspeople from Iowa
1711:American philanthropists
1617:"Yale's $ 8 billion man"
666:Views on capital markets
279:Early life and education
1771:Yale University faculty
1706:American money managers
1481:Office of the President
699:." In 2004, he won the
644:Yale New Haven Hospital
567:Unconventional Success,
534:alternative investments
354:Yale-New Haven Hospital
342:New York Stock Exchange
186:modern portfolio theory
159:David Frederick Swensen
46:David Frederick Swensen
1766:Yale University alumni
1741:People from Ames, Iowa
1332:Institutional Investor
978:Institutional Investor
702:Institutional Investor
686:would be much safer."
610:Westville, Connecticut
561:Unconventional Success
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289:River Falls, Wisconsin
258:Institutional Investor
163:endowment fund manager
79:New Haven, Connecticut
1656:National Public Radio
1645:National Public Radio
1634:National Public Radio
1603:Brookings Institution
1456:May 17, 2008, at the
627:. He was a fellow of
589:exchange-traded funds
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471:Investment philosophy
255:school, according to
190:allocation of capital
1612:Yale Alumni Magazine
1229:"News you can endow"
844:. September 23, 2016
617:endowment management
360:, and the States of
338:Carnegie Corporation
1696:American financiers
1509:The Washington Post
1463:The Yale Daily News
1280:Gary Hirst (2013).
679:Banking Act of 1933
674:(provisions in the
1701:American investors
1623:The New York Times
1589:ECON 252 Lecture 9
1432:. December 8, 2013
1352:onphilanthropy.com
1260:The New York Times
1233:The New York Times
1180:The New York Times
1159:has generic name (
1036:The New York Times
931:www.bogleheads.org
746:Michael Steinhardt
638:Swensen died from
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483:The New York Times
478:The New York Times
1606:trustee biography
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690:Legacy and honors
608:Swensen lived in
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299:in 1975 from the
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18:David Swensen
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1568:. Retrieved
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1540:the original
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781:Bibliography
754:Seth Klarman
726:James Simons
718:George Soros
714:Bruce Kovner
710:Alfred Jones
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656:Barack Obama
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621:Yale College
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1676:1954 births
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1157:|last=
742:Louis Bacon
623:and at the
597:mutual fund
585:index funds
578:rebalancing
523:commodities
402:Wall Street
362:Connecticut
321:James Tobin
209:Peter Lynch
71:May 5, 2021
1670:Categories
1265:August 14,
1093:World Bank
1071:Legacy.com
822:References
816:Free Press
799:Free Press
683:commercial
390:World Bank
285:Ames, Iowa
253:Ivy League
239:, and the
221:Byron Wien
205:John Bogle
60:Ames, Iowa
52:1954-01-26
1598:biography
1045:0362-4331
883:April 28,
841:Yale News
738:Leon Levy
722:Jack Nash
452:Princeton
305:economics
233:Princeton
1570:June 16,
1454:Archived
1381:Archived
1288:April 8,
1212:March 6,
1149:cite web
954:Archived
906:archived
764:See also
448:Stanford
388:and the
237:Wesleyan
1377:YouTube
806:(2005)
789:(2000)
225:Harvard
1487:May 6,
1400:Forbes
1099:May 7,
1050:May 6,
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348:, the
344:, the
340:, the
215:, and
213:Graham
142:Thesis
81:, U.S.
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500:Ph.D.
266:aiCIO
1572:2019
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1359:2017
1318:2017
1290:2013
1267:2011
1241:2009
1214:2018
1187:2014
1161:help
1141:2017
1101:2021
1052:2021
1041:ISSN
1011:2017
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938:2017
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885:2020
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