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May 13
If you have to pay a monthly fee to keep your memories alive, you donโ€™t own them you are just renting them. Big Tech has conditioned us to accept the subscription model as an inevitable reality. But an ongoing payment is simply a constant threat of deletion. Stop paying, and the corporate server wipes your history. That is not storage; that is a hostage situation. A true Digital Sanctuary cannot operate on a 30-day lease. To build a system where your data truly outlives you, we had to rethink the economics of preservation. The answer is the Endowment Model. When you commit your encrypted data to Coopaโ€™s permanent network, you are not paying rent. You make a single, upfront mathematical deposit. A fraction of that secures the storage today, while the rest forms an eternal, self-sustaining endowment. As the physical cost of data storage inevitably approaches zero over the coming decades, the yield from your initial cryptographic deposit continuously pays for its preservation. Forever. You are essentially paying for 200 years of storage in a single second. This is not a financial trick; it is an architectural necessity. If you want to lock a Time Capsule today for your descendants to open in 2076, you cannot rely on a direct debit or a corporate policy that might change next quarter. You can only trust a self-funding mathematical engine. We stripped away the monthly ransom so your 12-word identity and your digital legacy always have an unbreakable home. Would you trust your most vital digital heritage to a company that can delete it the moment a credit card expires? Drop a comment ๐Ÿ‘‡ #DataSovereignty #EndowmentModel #Web3 #Coopa @cdixon @balajis @naval
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๐–๐ก๐š๐ญ ๐ข๐Ÿ ๐ญ๐ก๐ž ๐›๐ข๐ ๐ ๐ž๐ฌ๐ญ ๐ฆ๐ฒ๐ญ๐ก ๐ข๐ง ๐ฉ๐ซ๐ข๐ฏ๐š๐ญ๐ž ๐ฆ๐š๐ซ๐ค๐ž๐ญ๐ฌ ๐ข๐ฌ ๐ญ๐ก๐š๐ญ ๐ข๐ฅ๐ฅ๐ข๐ช๐ฎ๐ข๐๐ข๐ญ๐ฒ ๐ข๐ญ๐ฌ๐ž๐ฅ๐Ÿ ๐œ๐ซ๐ž๐š๐ญ๐ž๐ฌ ๐ซ๐ž๐ญ๐ฎ๐ซ๐ง๐ฌ? Karen Welchโ€™s framework challenges a core assumption: there is no โ€œmagicโ€ illiquidity premium. Returns donโ€™t come from locking up capital, they come from accessing managers with real skill and maintaining discipline over long cycles. That shifts how institutional portfolios should be built. Illiquidity is not the strategy, itโ€™s just a constraint that only works if paired with selection and structure. It also exposes where many portfolios quietly break. โ€ข Median venture returns can lag public markets, dispersion, not access, drives outcomes โ€ข Diversification only matters if assets can stand on their own economically โ€ข Long-term horizons are an advantage only if paired with contrarian execution The more uncomfortable implication is this: Most portfolios are built around frameworks, not outcomes. And frameworks can become constraints when markets change. So the question isnโ€™t whether private markets belong in a portfolio. Itโ€™s whether your process can actually extract the value they promise. Where do you think the illusion is strongest today: ๐ข๐ฅ๐ฅ๐ข๐ช๐ฎ๐ข๐๐ข๐ญ๐ฒ ๐ฉ๐ซ๐ž๐ฆ๐ข๐ฎ๐ฆ ๐จ๐ซ ๐๐ข๐ฏ๐ž๐ซ๐ฌ๐ข๐Ÿ๐ข๐œ๐š๐ญ๐ข๐จ๐ง? Thank you Rob Stephens for the introduction! Weโ€™d like to thank @AlphaSenseInc for sponsoring this episode! #PrivateMarkets #EndowmentModel #AssetAllocation #InstitutionalInvesting #VentureCapital #PortfolioConstruction Full Episode Below ๐Ÿ‘‡ youtu.be/MFTklAbPhTM
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๐Ÿ’ฐ Sustainable Endowment โ€‹Every transaction helps grow the permanent Sustainable Endowment, ensuring perpetual funding for the planet. Invest for the long haul! ๐ŸŒณ perpetual #EndowmentModel #LongTermImpact
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๐Ÿ’ฐ Endowment = Forever Funds โ€‹The goal isn't a quick fixโ€”it's a Sustainable Endowment. Your investment ensures funding for wildlife protection. CaneToadium has allocated 500 million CaneToad to wildlife and conservation funds using Streamflow Vesting Programs. Invest for the long haul! ๐ŸŒณ perpetual #EndowmentModel #ForeverFunds #Streamflow #CaneToad
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๐Ÿšจ What happens when an elite endowment manager throws tradition out the window? The most surprising (and brutal) truths revealed from working at two elite endowment offices in my conversation with John Felixย  ๐Ÿ‘€๐Ÿ‘‡ ๐Ÿ” Deep fundamental research sets the bar. ๐Ÿค Ruthlessโ€”but deeply humanโ€”manager selection redefines loyalty and trust. ๐Ÿ“š Investment book clubs (think Graham, Fisher, โ€œZero to Oneโ€) turn reading into an edge. ๐Ÿ’ก Portfolio concentration reaches eye-popping levelsโ€”sometimes 25% in a single name! ๐Ÿ”„ True stories of experimenting, failing, and redeeming (yes, pulling capital and moving on). The psychological headwinds? Intense. Friendships are tested; long-term thinking gets rewarded. Yet itโ€™s this blend of conviction and contrarian thinking that launches exceptional returns. What happens when elite funds completely rethink risk, trust, and conviction? ๐Ÿ‘‡ Lessons and (some hard-won scars) from deep inside the WashU and Bowdinโ€™s investment engine room. ๐Ÿง  Has anyone here ever doubled down when everyone else was diversifying? The conversation about high-conviction ideas and the future of elite investing in 2025 is just starting. #EndowmentModel #Investing #PortfolioManagement #AssetManagement #Leadership Link to Podcast in Comments Below ๐Ÿ‘‡
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Iโ€™ve enjoyed these due diligence trips and learning about hard asset investments over the years. #endowmentmodel
Then โž Now ๐Ÿ“ท Oil City, PA (2010) ๐Ÿ“ท Outside Dallas, TX (2025) 15 years of oil & gas due diligence, and BANDER'S Chief Investment Officer, Blayne Andersen CFPยฎ, is still doing the work. #BANDER #DueDiligence #OilAndGas #AlternativeInvestments
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31 May 2025
Replying to @junkbondinvest
A simple 60/40 portfolio (S&P 500/Barclays Agg) has outperformed the majority of institutional portfolios over the past decadeโ€”net of fees, complexity, and illiquidity. So why are institutions paying up for underperformance? Chasing alpha, managing optics, or justifying infrastructure? Time to re-examine what โ€œvalue addโ€ really means. #Investing #AssetAllocation #PortfolioManagement #InstitutionalInvesting #AlphaVsBeta #FeeTransparency #Outperformance #EndowmentModel #Pensions #FiduciaryDuty
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In 2021, university endowment portfolios returned over 30% while a simple 70/30 indexed portfolio returned 29%. Is it worth the complexity, additional fees, and taxes for an individual investor to seek to emulate the #endowmentmodel of #investing? stlouistrust.com/insights/shโ€ฆ
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Interesting take on the #endowmentmodel. 1. Access matters. 2. Huge allocations and dry powder might reduce private asset returns for everyone @CAIAAssociation
1 Aug 2019
I have birthed my latest feature into the world! And it's already a @ritholtz Weekend Longread. Is David Swensen Horrible For Investing? institutionalinvestor.com/arโ€ฆ @iimag
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9 May 2019
This year the Berlin Green Investment Summit presents โ€œClimate Endowmentโ€: applying Harvard and Yaleโ€™s 30 years' endowment #investment experience with a climate focus. Long-term horizons, alternatives and positive returns. #ImpactInvesting #EndowmentModel bit.ly/2VqZW24
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Institutional approach to Wealth Management going to look pretty good over next several years.Get diversified people!I'm not talking stocks, bonds.Get creative. Going to need somebody who has knowledge/access to unique investments.Traditional 60/40 not cutting it! #endowmentmodel
30 Oct 2018
Around this level of consumer confidence and valuation metrics is where secular bear markets tend start. These are sideways trends that disappoint investors over the longer term (10 year horizons). $SPX $SPY Investors need to look at alternative asset classes right now.
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7 Oct 2018
Replying to @garrytan
The crypto winter generally makes it safer for super long-term oriented Yale-model institutions to enter at a price that isnโ€™t dangerous. You know what is scary? Investing and then immediately seeing an 80% drop. That is hard to recover from.
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7 Oct 2018
Super confused at the fud about institutional investors coming into crypto funds. Is it a big deal? Yes. Is it a negligible amount? No. Itโ€™s as much as a given endowment might put into a core venture capital investment. Thatโ€™s the kind of return they expect.
Replying to @MarkYusko
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But, but, but... the #EndowmentModel of Investing is dead... all #Passive #IndexFunds in $SPX is all you need... #JustAskWarren

16 Apr 2018
Yale Endowment historical US stock allocation: 1985: 62% 1995: 22% 2005: 14% Today: 4% Also, Yale Endowment Performance last 20 years (PS not bad UVa!):
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@MarkYusko My latest comment, a conversation with David Swensen: pensionpulse.blogspot.ca/201โ€ฆ
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Investing with an effectively infinite time horizon (Yale is older than the United States) allows university endowments to do unusual things
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