Harvard, SNP, Harvard Endowment discussed on Invest Like the Best


Short term results and that's a challenge and then you know it's interesting because my jury still out on sovereign wealth funds because they should have a long horizon and high tolerance they're pushing around big dollars playing in a different strategy of the venture space but what i'd say is that that i've also seen sovereign wealth funds kind of in two thousand one thousand two retreated pretty aggressively so i think some will be good longterm investors but others won't it's funny because you do have to look at venture through its own prisoner private asset suitor in prison because you can't almost can't integrate them in a portfolio wide a model moderate because the steel prices are amazing so one of the dirty secrets is venture and private equity almost have a pacifying effect on volatility in large institutions if for no other reason than for the marginal other mark right it's interesting because i think learner and gummer's at harvard took the s and p five hundred and marked it daily and then they would market just a daily series and then they took the jan to mark rolled it forward to the end of the quarter then roll over and they got like a point six five correlation of the snp versus itself which by the way point six i was like what most people use for private equity correlation i will say the other thing so backed his question the reason i bring this up is you really have to understand kind of holistically what your aims are and what role it venture plays and private equity play in in your portfolio and it was funny because one of my favorite stories in the this is more of a story than that proposed nothing but in the early two thousands there's this great guy good friend of mine a great mentor to me who is at the harvard endowment and there was a fun that they were in harvard where they raise a lot of money and they were in the in a position where they had a big management fee draw and one year two thousand one or two thousand is a really quiet your adventures they didn't draw a lot for investments so basically it just.

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