David F. Swensen has done it again

The Yale endowment returned 28% for the fiscal year ending June 30th. It's now over 20 billion!. That's an amazing return for that amount of money. It shouldn't be that big a suprise though. In the endowment world, no one is better at allocating capital than Swensen. So how does he do it? This guy is the most astute picker of outside managers there is. Secondly, he is diversified beyond all belief. I highly recommend both of his books, Pioneering Portfolio Management: An Unconvential Approach to Institutional Investment and Unconvential Success: A Fundamental Approach to Personal Investment. They are a bit pedantic; this is not the breezy, conversational style of Peter Lynch, but they are definitely well worth the read.