Yale University, where I teach, has entrusted its endowment portfolio to one man, David Swensen, for over 20 years. During this period, the portfolio has grown from just over $1 billion to $18 billion – an average return of more than 16% a year, which appears to be the highest of any major university.
在过去20年中，我所执教的学校耶鲁大学将其捐款组合交付给了斯文森一人。在此期间，这一组合从10亿美元多一点增长到了180亿美元，每年的平均回报超过16%，这一比率可能是任何主要大学中最高的。而且，也没有任何下降的迹象。在今年六月份结束的最新财政年度中，回报率为22.9%。