European Shorting
Number of Stocks: 6
Number of New Stocks: 2
Total Value: $15 Mil
Q/Q Turnover: 31%
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I figured this would be a good time to share a lecture I have enjoyed by David Swensen. 
Slow is fast for John Rogers, manager of the Ariel Fund. In a recent interview, he said that he is "extraordinarily comfortable" with the stock market at these levels. John's investment philosophy centers around buying small and medium-sized companies whose share prices are undervalued. He calculates what the private market value would be on such companies and buys those trading at a significant discounts to his figures.
Yale endowment manager David Swensen is good at picking good investors. He manages a part of the endowment portfolio, too. This is his Q3 portfolio update. Swensen buys Rackspace Hosting Inc, JPMorgan Chase & Co., sells Acadia Realty Trust, Arcsight Inc., Douglas Emmett Inc., Infinera Corp., Tivo Inc. during the 3-months ended 09/30/2009, according to the most recent filings of his investment company, Yale University. David Swensen owns 7 stocks with a total value of $5 million. These are the details of the buys and sells.
(GuruFocus, October 10, 2009) FT’s US managing editor Chrystia Freeland had a lunch with Investment Guru David Swensen and published a write-up in FT.com. It provides a glimpse of what occupies the mind of Swensen these days. 
TITLE: Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated
AUTHOR: David Swensen
RATING: 8 of 10 Continue Reading »
WSJ: What about fund of funds and consultants? Can they be a solution? Yale University is buying debt to help its endowment recover after losing almost $6 billion in the last six months amid the global financial crisis. Yale disclosed Tuesday that its endowment had fallen at least 13.4 percent in the four months since June as the decline in asset values during the financial crisis takes its toll on another university, The New York Times Geraldine Fabrikant reported. Whenever there's a bear market, the so-called experts usually blame individuals -- or "retail," as they call rank-and-file investors. Indeed, individual investors have beaten a hasty retreat from stock funds, selling an estimated $68 billion in October, or 1.4% of total stock-fund assets, according to TrimTabs Investment Research. That's a one-month record. David F. Swensen, is the Adjunct Professor of Finance and Chief Investment Officer at Yale University. When he joined Yale, the Endowment Fund stood at $1.3 billion in 1986. Today it has crossed $22.5 billion. David Swensen has helped grow the fund by 17.2% in the last 10 years. These are some of his stock buys and sells during the fourth quarter. As Chief Investment Officer at Yale University since 1985. David Swensen has realized an annual return of more than 17.2 percent over the last ten years, outperforming 99% of U.S.-based mutual funds. Some interesting buys during the previous quarter: Google, Yahoo. These are the details. 
Yale University recently announced a 23 percent return on its investments, swelling its endowment to a whopping $18 billion. The man behind that investment success is David Swensen, one of the most gifted investors in the world. He's made an average 16 percent annual return over 21 years -- better than any portfolio manager at any other university.
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