Die Investoren der amerikanischen Eliteuniversitäten

Die Yale University, an der ich unterrichte, hat den Wertpapierbestand ihrer Stiftung seit über 20 Jahren einem Mann anvertraut, David Swensen. In diesem Zeitraum ist der Wert des Portfolios von knapp über $ 1 Milliarde auf $ 18 Milliarden gestiegen – eine durchschnittliche Rendite von über 16 % pro Jahr, was der höchste Gewinn aller großen Universitäten zu sein scheint. Und es gibt keine Anzeichen dafür, dass er abnehmen würde: Im letzten Geschäftsjahr, das im Juni endete, betrug die Rendite 22,9 %.

Die Rektoren von Yale kommen und gehen, aber Swensen bleibt. Er hat mehr für die Universität getan als alle Rektoren oder irgendjemand anderes. An einer Universität zählen Ideen mehr als Geld, aber 18 Milliarden Dollar können ein Umfeld für viele neue Ideen schaffen. Bei 11.500 Studierenden sind das über $ 1,5 Millionen pro Student (ohne die Gebäude und die Kunstsammlung der Universität, die jeweils viele weitere Milliarden Dollar wert sind).

Wie ist das geschehen? Wie hat Swensen so viel Geld gemacht? Das fragen sich alle – nicht zuletzt wir hier in Yale.

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