Michael Zhuang

Endowment Investing 2008, Yale-Style

Very good insight. There is a more up-to-date study of Harvard and Yale endowments' multiple asset class approach:

investmentscientist.co.../

An Endowment Portfolio From Publicly-Traded Vehicles

Great study. However,using publicly trading vehicles would not achieve the returns of Yale-Harvard endowments. Much of their returns were generated by alpha generating strategies and high barriers market involvements. However, for ordinary investors like us, using publicly available vehicles to mimic their approach is still a very sound strategy. I studied the evolution of their approach in my article "All-weather portfolio: investing like Yale-Harvard Endowments". You can read the article by clicking the website like on the left.