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Finding Worth While Investments or Managers?
Yale has the benefit of having a tremendous amount of capital and credibility with their board. They were able to do it by having a first moveor advantage in being there. The notion of independent ownership is, as an investor, you want all the money that you're paying to go to the management team of that fund. And they stick very rigorously to that. I've seen lots of notable exceptions. Work fine without that.