Inversores de las grandes ligas universitarias

La Universidad de Yale, donde enseño, encomendó su cartera de inversiones a un hombre, David Swensen, durante más de 20 años. En este período, la cartera creció de apenas por encima de 1.000 millones a 18.000 millones de dólares –un rendimiento promedio de más del 16% anual que, al parecer, es el más alto de cualquier universidad importante-. Y no da señales de querer bajar: en el último año fiscal que terminó en junio, el rendimiento fue del 22,9%.

Los directores de Yale llegaron y se fueron, pero Swensen sigue ahí. Hizo más por la universidad que cualquier director e, incluso, que cualquier otra persona. En una universidad, las ideas cuentan más que el dinero, pero 18.000 millones de dólares pueden crear un contexto para muchas ideas nuevas. Con 11.500 estudiantes, hay más de 1,5 millón de dólares por alumno (sin contar los edificios y la colección de arte de la universidad, que valen muchos miles de millones de dólares más).

¿Cómo sucedió esto? ¿Cómo fue que Swensen generó tanto dinero? Todos se lo preguntan –sobre todo los que estamos en Yale.

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