My guest this week is David Salem. David was the founding president and CIO for The Investment Fund for Foundations, which served 800 endowed charities under David’s 18-year tenure. He’s now the CIO of the Windhorse Group, which focuses on long-term, value-oriented investing.
We discuss the history of the Yale and Harvard endowment models and how their success has affected the asset management world for better or worse.
I also can’t stop thinking about David’s “Mt. Everest” question, which we explore early in our conversation. I’d love to hear your answers to that question, so email me or message me with your thoughts.
Books Referenced
Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
Into Thin Air: A Personal Account of the Mt. Everest Disaster
The Path Between the Seas: The Creation of the Panama Canal
Triumph of the Optimists: 101 Years of Global Investment Returns
Devil Take the Hindmost: A History of Financial Speculation
Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15
Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger
Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor
Links Referenced
Barrons Review of ‘Pioneering Portfolio Management’
Former Harvard Money Whiz Jack Meyer Tries to Regain His Edge (WSJ)
Economic and Portfolio Strategy (Peter Bernstein)
Yale Endowment Reports
Article by The Investors’ Field Of Guide