ECON 252: Financial Markets
Lecture 09 - Guest Lecture by David Swensen. David Swensen, Yale's Chief Investment Officer and manager of the University's endowment, discusses the tactics and tools that Yale and other endowments use to create long-term, positive investment returns. He emphasizes the importance of asset allocation and diversification and the limited effects of market timing and security selection. Also, the extraordinary returns of hedge funds, one of the more recent phenomena of portfolio management, should be looked at closely, with an eye for survivorship and back-fill biases. (from oyc.yale.edu)
| Lecture 09 - Guest Lecture by David Swensen |
| Time | Lecture Chapters |
| [00:00:00] | 1. Introduction: Changing Institutional Portfolio Management |
| [00:03:59] | 2. Asset Allocation: The Power of Diversification |
| [00:16:44] | 3. Balancing the Equity Bias into Sensible Diversification |
| [00:20:48] | 4. The Emotional Pitfalls of Market Timing |
| [00:32:58] | 5. Survivorship and Backfill Biases in Security Selection |
| [00:43:17] | 6. Finding Value Investing Opportunities as an Active Manager |
| [00:49:02] | 7. Yale's Portfolio and Results |
| [00:54:48] | 8. Questions on New Investments, Remaining Bullish, and Time Horizons |
| References |
| Lecture 9 - Guest Lecture by David Swensen Instructor: Professor Robert J. Shiller. Transcript [html]. Audio [mp3]. Download Video [mov]. |
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