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David Swensen has built Yale's exceptional endowment returns largely through categories of investments that aren't available to or aren't smart for an individual investor. (They include private equity, such as venture capital and buyout firms, and illiquid markets like timber. For more on Swensen's strategy, see "Yale's $8 Billion Man," July/August 2005.) He also relies on a highly trained staff and a phalanx of independent asset managers to evaluate potential investments.

If you don't have access to those resources, Swensen says, you shouldn't try to pick stocks, and you shouldn't pay anyone to do it for you. Instead, choose index funds. Then set your allocations and stay with them. When the value of your real estate holdings sinks below the allocation you set, buy enough to rebalance. When the value of your stocks exceeds your allocation (and it will again, one day), lock in the gains by selling enough to rebalance.

In his book Unconventional Success: A Fundamental Approach to Personal Investment, Swensen recommends the following allocations, for individual investors who want a "well-diversified, equity-oriented portfolio":

30% Domestic stock funds

20% Real estate investment trusts

15% U.S. Treasury bonds

15% U.S. Treasury inflation-protected securities

15% Foreign developed-market stock funds (the EU, Japan, Australia, etc.)

5% Emerging-market stock funds (Brazil, Russia, India, China, Taiwan, Korea, and the rest of the developing world)

Today, Swensen says, economic conditions might call for a modest revision. He now recommends that investors have 15 percent of their assets in real estate investment trusts, and raise their investment in emerging-market stock funds to 10 percent.

Mais aqui: http://www.yalealumnimagazine.com/issue ... ensen.html