My meeting with David Swensen in 2004
Not everybody invests in Private Equity but if you do......
David Swensen was in Lisbon in 2004 to speak in a BPI event and his message was:
Equity mentality. Only buy things that can make equity like returns. Forget bonds & cash.
The difference between the best & the rest in Equities is small. Do little research, buy the index or a cheap active manager.
The difference between the best & the rest in Hedge Funds is important. Buy the best.
The difference between the best and the median in Private equity & Venture is huge . Choose carefully if you dare to do it .**
** Note :in venture & Private equity there is clear signs of Persistence
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