Sublime

Real estate—Yale has a 12.5 percent allocation to real estate investments, well in excess of the 4 percent average at other university endowments. Over the last twenty years, Yale’s real estate portfolio has returned about 11 percent annually.

Yale targets to have about 50 percent of its endowment in illiquid assets

are multibillion-dollar revenue companies, what matters is having: (1) the right strategy in the right market, (2) an A management team, and (3) financial discipline. The difference between an A and a B CEO produces an order of magnitude difference in the return.”

In just the lobby area at the Sheraton Time Square hotel in New York during the Clinton Global Initiative, I met a Greek billionaire; I met Jimmy Wales, the founder of Wikipedia; I met a private equity executive, a startup entrepreneur, and Nobel Peace Prize winner Muhammad Yunus.

growing businesses and creating substantial shareholder value.