Good summary from @johnauthers on the measurable benefit of long-term thinking by US endowments https://www.bloomberg.com/opinion/articles/2020-09-28/endowments-hedge-fund-bet-has-long-term-advantage One paragraph jumped out 1/x

Asset Owners of all types regularly 'herd', sometimes amusingly so - picking the same GPs, opening foreign offices (occasionally in the same buildings), echoing the same innovation or sustainability plans - but this doesn't explain counter-cyclical endowment portfolios 2/x

Liabilities (should) drive portfolio choices. While endowments are exposed to unique liquidity pressure (see 08/09), pension plans need to generate sufficient returns within acceptable risk limits AND simultaneously pay a rising proportion of pension beneficiaries. It's hard! 3/x

The full piece is worth a read, as is the longer paper it references: 4/4
Seventy-Five Years of Investing for Future Generations https://www.tandfonline.com/doi/full/10.1080/0015198X.2020.1802984?scroll=top&needAccess=true#.X3JMQhNhNlc.twitter