There is no premium for doing the easy things.

Monday, October 08, 2018 Francisco Carneiro 0 Comments

TAGS:

Yale Invests in Crypto Fund 

I have a little money in Bitcoin just in case David nails it again.

About Yale the best endowment in the last 20 years i met David in Lisbon in 2004 and his message was clear. If you can go for iliquidity, just do it,  because it has a premium. Target equities and iliquid assets and you will be rewarded.

I should listen to him and just execute.

to do shortcuts (cut corners) like liquid alternatives with daily liquidity highly regulated and available to retail it so easy that it can't work. There is no premium for doing the easy things. It's just like that! sorry.

From Bloomberg

Yale University, the Ivy League school that has invested in everything from Puerto Rican bonds to timber in New Hampshire, is getting into the market for cryptocurrencies.

....

Swensen’s endorsement of crypto assets is significant because he’s considered a pioneer in institutional investing, having managed one of the most-watched and best-performing college endowments for three decades. Many other endowments have sought to replicate his investment model, which favors a longer time horizon and committing capital to more illiquid assets, including private equity.
U.S. college endowments hold about $550 billion in assets, and Yale has the second largest in higher education, behind Harvard. Under Swensen’s leadership, Yale has returned 11.8 percent on average for the past 20 years.
Almost 60 percent of Yale’s assets in fiscal 2019 are targeted for alternative investments including venture capital, hedge funds and leveraged buyouts, according to the school.


https://www.bloomberg.com/news/articles/2018-10-05/yale-is-said-to-invest-in-crypto-fund-that-raised-400-million