ValueWalk

Yale’s David Swensen: Long Term Investing And The Future Of Investing (2017)

An interview and Q&A with Yale’s Chief Investment Officer, David F. Swensen. In this interview, David discusses his investment strategy and factoring in to investment decisions the chance of an economic downturn. David also talks about how investments may be made in the future and what the industry will look like.

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Video Segments: 0:00 Introduction 1:22 Do you take considerations of a down term into your investment decisions? 3:25 Should this risk affect a long term investor? 5:45 How do you advise Yale? 9:29 Does political dysfunction affect how you invest in the US? 11:49 How do you feel about China? 12:39 How do you think about private equity? 16:02 A.I will replace investors? 17:46 Are there areas which are under focused on? 19:27 How do you engage in that area? 20:21 Has your thought process on investing changed over the last 15 years? 23:34 Does the deficit concern you? 26:13 Is the world more complicated? 27:31 Start of Q&A 27:43 How do you get around interest rate headwinds? 31:11 What steps make you more optimistic in public companies from a long term perspective? 34:57 What are the government's role in regulating management fees? 37:18 How do you see fixed income in 3 to 5 years? 39:36 Do you see the possibility of new products that are tethered to fair value? 41:55 Do you think we are in a recession? 43:16 How is your asset decisions different in public funds compared to endowment? 47:14 How do you test character? 50:34 Why do you think the tax reform will pass? 53:28 Thoughts in co-investments?

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