My thoughts on the David Swensen's passing:

Hail to the Chief (Investment Officer)

David Swensen was my first mentor in the investment business. As I reflected on his passing this week, I felt into how much of an impact he had on my career and life.

Plenty will be written about him in the coming days, justifiably sharing his innovative and successful approach, mentoring of current non-profit investing leaders, and influence on the world of institutional investing.

Among the pieces, this Yale Daily News article has the best inside look, sharing remembrances from his best friend and investing partner, Dean Takahashi. https://yaledailynews.com/blog/2021/05/06/david-swensen-yales-chief-investment-officer-dies-at-67/

Among the many fond memories, here are the investing lessons I thought about this week:

1. Start with vision and values.

David began with first principles and created ideas for how portfolios, organizations, and securities ought to be managed.

2. Be deeply authentic.

David’s beliefs were his own – both about what works and how he wanted to implement. Internalize what is authentic and true for you.

3. Practice discipline.

Human nature pulls us towards crowds. Investing calls for independence from them. Once you find your vision, values, and authentic application of them, stick to your path.

4. Greatness is complex. David’s inner circle knows he was not perfect as an investor, a leader, or a person. He was, however, amazing at each of the three. Recognize the imperfection in each of us and in life.

5. Investing greatness is even more complex.

David’s skills included seeing the world in black and white, comfort going against the crowd, stubbornness, irreverence, and rigid standards. Each of these characterizes some of the best investors and brings challenges as well.

6. Impact others. Investing isn't really about dollars and cents. It's about people and the impact money has on people's lives.

A wave of sadness came over me this week as I reflected on the many gifts David gave me. Every bit of what I learned from him stayed with me as a guiding light.

What is left is love. I deeply loved David as a human being, mentor, and guru. And I wrote this to let him know.