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« The Buckley Panel | Main | Special Report: The Pawnbroker »

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Melancholy Korean

This might be needlessly pedantic, but any endowment not invested primarily in fixed income securities last year lost gobs of money. One could have been invested mostly in stocks, for example, which is very different from the Yale Model, and have lost the same or even greater amounts. (I know one wealthy Manhattan church that suffered this fate.) The downturn doesn't exactly invalidate the Yale Model as an investing strategy, but your point that perhaps arts organizations shouldn't rely on an investing strategy for their operating income (they aren't money managers, after all) is valid.

Second, I think it's important to point out that David Swensen's salary at Yale has always been very reasonable compared to his peers. A million dollars a year is a lot of money, of course, but it is far, far away from the obscene amounts the financial geniuses in Cambridge were making--sometimes forty times that amount.

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