Archive | September 2013

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Approaches to Tail Risk Hedging in The Endowment Model 捐赠基金投资模型中的左尾风险对冲

In the Foreword of David Swensen (2009), Charles Ellis commented that Yale was good at playing defense, because the endowment was built to withstand the inevitable storms that face capital markets. This resiliency was recently put to a severe test, as the Yale endowment lost 25% of its value in the year ending June 2009. […]