Sublime

best examples of modern asset allocation is the Yale University endowment. Its current, and long-standing, chief investment officer is David Swensen, whom people credit with designing the allocation model that many leading institutional investors follow today. There are Yale acolytes who are now running a large

competition drives valuation.

desire to maintain a diversified portfolio, venture capital is intended to produce what investment managers refer to as alpha—excess returns relative to a specific market index.

In all cases, the goal of the investment program was to deploy the smallest amount of capital into the widest set of companies that still enabled us to achieve our strategic goals. Notification rights and access to information allowed us to acquire extraordinary insight into key companies and

 One thing I'm always on the lookout for with people. Are they moving quickly? Are they evolving quickly? In my view, at the end of the day, when you're betting on a founder, especially if the market's not super clear, what you're trying to do is, you're trying to predict that, that particular person will have as many shots on goal as possible

Caroline sensed, rightly, that her departure alerted Jane Street to an alarming new threat. Jane Street and the other high-frequency trading firms had been fishing for traders in the same ponds as Will MacAskill and the other Oxford philosophers fished for effective altruists. People able to calculate the expected value of complicated financial gam