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The third pillar is the importance of a contrarian mindset. Mr Swensen had a chance early on to demonstrate his. Following the stockmarket crash in October 1987, he had loaded up on company shares, which had become much cheaper, by selling bonds, which had risen in price. This rebalancing was in line with the fund's agreed policy. But set against the prevailing market gloom, it looked rash. His investment committee was worried. One member warned that there would be "hell to pay" if Yale got it wrong. But Mr Swensen stuck to his guns. The decision stood—and paid off handsomely.
第三個支柱是逆向思維的重要性。斯文森先生早些時候有機會展示他的逆向思維。1987年10月股市崩盤后，他賣出了價格上漲的債券，買入了公司股票，而公司股票已經變得便宜得多。這種再平衡符合基金商定的政策。但與當前低迷的市場相比，這似乎有些魯莽。他的投資委員會很擔心。一位成員警告說，如果耶魯錯了，那將會有“地獄般的代價”。但斯文森先生堅持自己的觀點。這一決定站穩了腳跟——并且得到了豐厚的回報。
These days, the Swensen model is often reduced to an asset-allocation decision: hold alternatives. But as money has flooded into private-equity funds, average returns have converged on the returns in public markets. There is no longer an obvious illiquidity premium. But Mr Swensen's point about information remains relevant. The dispersion of returns—the gap between the best and worst funds—is far higher in private than in public equity. Selecting the right private-equity manager takes expertise. Yale has some advantages: it can, say, tap into its alumni network for access to the better-run funds.
如今，斯文森模式常常被簡化為一個資產配置決策：持有替代方案。但隨著資金涌入私募股權基金，平均回報已經趨同于公開市場的回報。不再存在明顯的非流動性溢價。但是斯文森關于信息的觀點仍具有意義?；貓蟮姆稚ⅰ詈玫暮妥畈畹幕鹬g的差距——在私人股本中比在公共股本中要大得多。選擇合適的私募基金經理需要專業知識。耶魯也有一些優勢：比如說，它可以利用校友網絡來獲得運行良好的基金。
Mr Swensen is given too much credit in one regard. Endowments had a history of innovation before his return to Yale. Harvard's was already changing. And endowments had previously been pioneers in asset allocation: the Ivy League funds shifted markedly from bonds into equities from the 1930s. In other respects Mr Swensen gets too little credit. Starinvestors are generally not good at mentoring others. But Swensen alumni have regularly turned up in senior jobs at other endowments. "He was a smart player but also an incredibly good coach," says a colleague. In this, as in other matters of investment practice, David Swensen was a true outlier.
斯文森先生在某一方面受到了過多的贊揚。在他回到耶魯之前，捐贈基金有一段創新的歷史。哈佛的捐贈基金已經發生了變化。捐贈基金曾是資產配置的先行者：常春藤聯盟基金從上世紀30年代起明顯從債券轉向了股票。而斯文森在其他方面得到的贊揚太少。明星投資者通常不擅長指導他人。但斯文森校友也經常在其他捐贈機構擔任高級職位。他的一位同事表示：“他是一名聰明的球員，也是一名出色的教練。”在這一方面，就像在其他投資實踐中一樣，大衛·斯文森是一個真正的異類。
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