The Relentlessness of Now

Considering the Last 20 Years as We Plan for the Next 20 Years

When institutional investment programs underperform passive benchmarks over long periods, does that indict the endowment model or reflect an extraordinarily challenging market environment?

What should investment committees learn from the past 20 years, and how should those lessons shape better decisions for the next 20?

This is a natural companion piece to Swensen Was Right All Along and The Unheralded Role of IC Chair.

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The First Capital Call Is Always to the Founder