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Old 09-24-2009, 02:05 PM   #21
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Originally Posted by cardude View Post
If I'm reading this right, the endowment needs to throw off 44% of 2.7B, or 1.188B per year. That's a withdrawal rate of 6.9%, which does not seem to safe or sustainable to me. Even before the big loss the withdrawal rate was over 5%. How does the endowment keep up? Has the WR always been this high?
Don't forget that donations are still coming into the endowment. So in reality, you'd have to subtract the current annual donations from the $1.188 billion to find out the "normalized" withdrawal rate.

For example, if a $1B endowment paid out $69M BUT also received $30M in donations, they've really experienced a net outgo of $39M of its starting capital -- a 3.9% drawdown rate.
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Yale Info
Old 09-30-2009, 10:11 AM   #22
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Yale Info

Thought I would post the info that I found on the Yale Endowment.
They are required to post their public holdings to the SEC on a quarterly basis in a 13F report. This is available online at the EDGAR database.

Also having trouble getting the table into this post. See the attachment. More later.

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Old 10-04-2009, 04:52 PM   #23
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Originally Posted by Free To Canoe View Post
Thought I would post the info that I found on the Yale Endowment.
They are required to post their public holdings to the SEC on a quarterly basis in a 13F report. This is available online at the EDGAR database.

Also having trouble getting the table into this post. See the attachment. More later.
Looks like they were getting out of Emerging Markets at exactly the wrong time. Just about the polar opposite of what I was doing in late 2008. Piling into emerging markets was a good short term investment in hindsight. It gives me a little pleasure to think that I was buying Yale's garbage the whole time, and making out like a bandit.
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Old 10-05-2009, 03:49 PM   #24
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Looks like they were getting out of Emerging Markets at exactly the wrong time. Just about the polar opposite of what I was doing in late 2008. Piling into emerging markets was a good short term investment in hindsight. It gives me a little pleasure to think that I was buying Yale's garbage the whole time, and making out like a bandit.
Yea, me too.
A couple of things that I learned about Swenson lately:
The 13F reports do not come out soon enough to warn of anything. Information in November showed that he was getting out of the market but by then it was time to buy.
I was listening to him give a lecture about portfolio management to an econ class at Yale. He was talking about not market timing and that his asset allocation changes very little year to year. My spreadsheet made from the Edgar reports tells a different story. He speaks with forked tongue.

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Old 10-19-2009, 07:04 AM   #25
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This seems quite a stretch. Can you give any examples of where and when this has happened?

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THe White House actually has commented that this is one of the best uses of stimulus money yesterday
White House says stimulus saving education jobs - Yahoo! News
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