Comments
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tWOnly when investing for and answering to oneself can ‘the long term' be a pure concept. If subject to others' fears, greed, etc., the concept will break down. Almost impossible to control own behavior
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JWre bonds, given the bonds available to most of us these days, cash is king waiting for the inevitable correction in public equities...and his commenst on oil/energy were spot on; for some, XON ok now
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JWnotably he did not dwell on long-short strategies, the poster child of most HF these days, but this is a poor substitute for access to decent long provate equity deals.
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JWI found this thoughtful, but who has access to the deal flow that Yale, U Chicago, etc has ??! If I could scale up to buy whole forests, mines, soccer teams, railroads, Id look smart and make $$$ too
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BGHaha... Enron had cheap endowments too back in the good old days
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KTAll kinds of things out there that are cheap.... such as? Ok, now I know if I ever run an endowment that communication with my board is important. And buy long term. Unless that would get me fired.
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JDBonds are a 'reserve of liquidity'? Apparently this guy never tried to move paper during a credit crisis when anyone holding high grade as collateral is sh*t scared of counter-party risk.
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JSMarkets are broadly efficient?!
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DHFound thoughts on energy investment timing good.
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MMSorry gents, disagree. Peter raised some v. good points abt liquidity and bonds. Endowment model is always featured in CAIA exam for a reason. Endowments are big HF investors. Wish I heard it 2y ago!
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AAmeh 2. Anyone here run an endowment? I don't see how structural/agency issues around institutional investment management are relevant to majority of RTV viewers
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MCmeh