“People don’t know what they want until you show it to them.” — Steve Jobs The late David Swensen, Yale’s formative chief investment officer, found value in dark corners, those unknown managers and overlooked opportunities Heather Gillers referred to in a recent WSJ article. But there hasn’t been much new in money management since Mr. Swensen wrote the playbook. Whether non-correlated, factor-based, or managed TPA, when we do our ten-year return studies most institutional portfoli...
