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  • Investment Fund Clones Part I: University Endowments [View article]
    Several years ago, I also took note of the Endowments and constructed this type of clone to track or benchmark a synthetic performance for El-Erian, Swensen, et al. in the Great Bear Market.

    With various 2006, 2007, 2008 allocations, the returns were all -37.5% > -46% (10/9/07-5/5/09.)

    In the way they report performance, donations (assets in) skew "return," and obviously these institutions are using highly compensated money managers whose alpha should compound - maybe the invested assets were only down -30% or so?

    My own managed model for clients is +50% for the same period ... so YES, you CAN beat Harvard with a portfolio of ETFs.
    May 07 12:01 pm |Rating: +2 0 |Link to Comment
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