Capital Allocators – Inside the Institutional Investment Industry Charley Ellis – The Magic of David Swensen (Capital Allocators, EP.197)
May 31, 2021
Charley Ellis, founder of Greenwich Associates and author of sixteen investment books, reflects on his long-time friend, David Swensen, in a heartfelt tribute. They discuss the transformative impact of Swensen on Yale University’s investment strategy, the importance of integrity and strong relationships in investing, and the dynamics of effective decision-making within investment committees. Ellis also touches upon his latest book and the evolution of investment practices, including the growing shift toward private equity strategies.
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Meeting Swensen
- Charley Ellis recounts meeting David Swensen after a talk about the business vs. profession of investment.
- Swensen's later invitation to join Yale's Investment Committee felt like "being knighted by the Queen of England."
Rigorous Preparation
- Yale's Investment Committee meetings required extensive preparation, with detailed documents provided days in advance.
- The rigorous process ensured thorough analysis and thoughtful discussion, fostering a sense of shared commitment.
Efficient Meetings
- Yale's Investment Committee meetings were highly efficient due to the extensive preparation beforehand.
- Decisions were generally agreed upon before the meetings, with occasional deeper dives on complex issues.
