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1、FinancialMarkets:Lecture8TranscriptProfessorRobertShiller:NextWednesdaywe'rehavingDavidSwensenlecturetous.HeheadsuptheYaleendowment--ortheinvestmentoftheYaleendowment--andIhaveaNewYorkTimesarticleonthesyllabus,justsortofabiographyofhimyoucouldread.Onreser
2、ve,Ihavehisrecentbooks,soIhopethatyouwillgetalotfromhim.Imisspoke,he'snotaYalecollegegraduate,he'saYaleEconomicsPhD;hisundergraduatewasfromUniversityofWisconsinbuthe'sbeenatYaleaverylongtime.HecametoYalefromWallStreetin1985andatthattimetheYaleendowmentwas
3、worthaboutonebilliondollars.Itisnow,underhisleadership,$22.5billionandthatexplainsalotofthequalityofyourlifebecausethatmeanswehaveabout$2milliondollarsperstudent.Theintereston$2milliondollarsis--whatisthat?Ican'tevendodivision--$100,000ayear.Sothat'swhyYa
4、leismuchmoregenerouswithfinancialaidthanotheruniversitiesandwhywehavebeautiful--ofcourse,thisroomwasbuilt,Ibelieve,inthe30s.Don'tthankDavidSwensenforthisroombutforalotofotherthings.SoYalehada28%returnonitsportfoliolastyear,whichwasnumberoneofallcollegeend
5、owments.Moreover,it'shada17.8%averagereturnforthelasttenyears,whichisnumberoneamonguniversityendowments.WebeatHarvard,webeatPrinceton,butactuallyPrincetonwas--theheadofthePrincetonendowmentisaprotégéofDavidSwensenandI'msurethesepeoplegettogetherandtalk.Al
6、lofthemajoruniversities--HarvardhasbeendoingverywelltooandsohaveDuke,MIT,Amherst,alotof--itseemsthatuniversitiesmanagetoinvestverywell,atleasttheyhaveinrecentdecades.Ithinkthathas--mytheory--thathassomethingtodowiththeintellectualatmosphereatuniversities.
7、Thatis,investingwellrequirescarefulstudyandtheintellectualtraditionwehaveatuniversitieshelpspromotethat.Idon'tknowifDavidSwensencancontinuetodothis.Ithinkwe're--he'shadaspectacularreturn,buthe'sgettingintoachallengingyear.Thisisayearoffinancialcrises,soI'
8、mwarningyouaheadthat--don'texpecta28%returnontheYaleportfolioforthecomingyear.Youcanaskhimaboutthat.Ifhecandoitagaininthissituation,itwillbeamazing.ThatwouldbenextWednesday.Meanwhile,Iwanttotalktodayaboutregulation.
