The Importance of Diversification in Endowment

The past decade, 2010 to 2020, we were what? 14, 15% percent? If the S&P is your benchmark, which it isn't for these pools of capital. The proper benchmark for those pools has to look a little bit like the underlying assets they're investing in. That's a hell of a list. Are you still working with any of the managers at Yale or is that along the distance? No, I mean, I left Yale 25 years ago. So a little bit in the distant past.