標題：Disciplined Long-Term Investing
Beginning in the mid 1980s, the Yale Endowment built a superior track record on an unconventional foundation.
From the late 1980s through the mid 1990s, the Endowment’s revolutionary shift to nontraditional asset classes, coupled with the selection of excellent active managers, led to outstanding returns in a variety of market conditions.
自1993年6月30日-2000年6月30日的7年中，S&P 500 年化收益率高達20.6%，由於Yale Endowment的組合中配置了較少了的美國股票（Cedric：1997-2000，Yale Endowment資產中美國股票市值權重為21.5%、19.2%、15.1%、14.2%），使得Yale Endowment僅能勉強戰勝其積極和消極的市場基準。
In the late 1990s, however, Yale’s nontraditional portfolio seemed out of step with the markets. Fundamentals decoupled from prices, creating a difficult environment for bottom-up, research-driven managers. Diversification did not help returns as traditional large allocations to domestic equities were rewarded year in and year out, with the S&P 500 growing at a 20.6 percent annualized rate during the seven year period ending June 30, 2000. Nevertheless, in spite of the asset allocation headwind, the Endowment outperformed its passive and active benchmarks, albeit by modest margins.
VC投資的卓越回報完全抵消了Domestic Equity的落後市場的收益率，VC的高收益率使得Yale Endowment的總體收益率高達41.0% 。
In fiscal 2000, the University’s fortunes changed. Extraordinary returns from venture capital boosted Yale’s returns far above institutional averages. The Endowment’s outsized private equity returns offset the substantial underperformance of Yale’s value-oriented, marketable-security managers, which lagged their benchmarks as stocks climbed to unprecedented levels.
After 2000, the University produced superior performance based on both superb active management and the Endowment’s well-diversified asset allocation. In the aftermath of the Internet bubble, with the S&P 500 declining slightly in the eight year period ending June 30, 2008, Yale’s investment managers had the opportunity to distinguish themselves in an environment without irrational exuberance.
在金融危機中，由於Yale Endowment的高權益資產權重，Yale Endowment遭受了很大的損失。2009財年收益率為 -24.6%；但是Yale Endowment沒有減少其權益資產，因此在後續的市場回暖中獲益。
Yale’s fortunes changed for the worse during the recent financial crisis. Markets rewarded positions that provided a safe haven, most notably full faith and credit holdings of the U.S. government. Yale’s portfolio, positioned for strong long-term returns, lacked significant exposure to low expected return Treasury securities and suffered in the market meltdown.
Some institutions chose to reduce equity exposure near the market’s nadir as concerns over portfolio illiquidity and volatility mounted. Yale sought instead to maintain equity exposure, aggressively managing liquidity and prudently employing debt.
As markets rebounded, Yale benefited. Yale’s equity positions, both liquid and illiquid, produced outsized returns as asset prices recovered post-crisis. Endowment performance since June 30, 2008 is now positive, although the Endowment value remains below peak because of spending distributions to fund University operations.
Yale’s exceptional results have been achieved by adhering to a fundamentally sound investment program. Instead of chasing short-term performance, the University invests with a long-term view.
Yale consistently generated superior returns by maintaining discipline, standing by quality managers, and retaining sound investments despite su"ering through occasional market turbulence.
Seth Alexander: President,
MIT Investment Management Company
Andrew Golden: President,
Princeton University Investment Company
Randy Kim: Vice President and
Chief Investment Ocer,
Conrad N. Hilton Foundation
Anne Martin: Chief Investments Officer,
Lauren Meserve: Deputy Chief
Metropolitan Museum of Art
Jonathan Rhinesmith: ph.d. Candidate,
Harvard Economics Department
Kimberly Sargent: Managing Director
for Marketable Securities,
David and Lucile Packard Foundation
Xiaoning Wu: Senior Associate,
Hillhouse Capital Management
Josh Bekenstein—Bain Capital
Bill Helman—Greylock Partners
Steve Mandel—Lone Pine Capital
Lei Zhang—Hillhouse Capital（背景備註：http://www.investide.cn/news/78365.html）