Investissements universitaires

L'université de Yale, où je suis enseignant, confie son fonds de dotations à une seule personne, David Swensen, depuis plus de 20 ans. Au cours de cette période, ce portefeuille est passé de juste un peu plus de 1 milliard de dollars à 18 milliards, soit un rendement moyen de plus de 16 % par an, ce qui est le plus élevé de toutes les grandes universités. Et il ne montre aucun signe de faiblesse ; lors de la dernière année fiscale se finissant en juin, le rendement a été de 22,9 %.

Si les présidents de Yale se sont succédé, Swensen reste. Il a fait davantage pour l'université que n'importe quel autre président, ou que quiconque d'ailleurs. Dans une université, les idées comptent plus que l'argent, mais 18 milliards de dollars peuvent créer un environnement favorable à de nombreuses idées nouvelles. Avec 11 500 étudiants, cela fait plus de 1,5 million de dollars par étudiant (sans compter les bâtiments de l'université ou sa collection d'art, qui valent plusieurs milliards de dollars chacun).

Comment cela a-t-il pu être possible ? Comment Swensen a-t-il pu gagner autant d'argent ? Tout le monde se le demande – notamment nous, à Yale.

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