David F. Swensen

David F. Swensen
Rayuwa
Haihuwa	Ames (en) , 26 ga Janairu, 1954
ƙasa	Tarayyar Amurka
Mazauni	New Haven (mul)
Mutuwa	New Haven (mul) , 5 Mayu 2021
Ƴan uwa
Mahaifi	Richard Swensen
Karatu
Makaranta	Jami ar Yale
Sana'a
Sana'a	Malami da chief investment officer (en)
Employers	Jami ar Yale
Kyaututtuka	gani honorary doctor of Yale University  (19 Mayu 2014)
Wanda ya ja hankalinsa	James Tobin (mul)
Mamba	American Academy of Arts and Sciences (en)

David Frederick Swensen (Janairu 26, 1954 - Mayu 5, 2021) ɗan Amurka ne mai saka hannun jari, manajan asusun tallafi, kuma mai ba da agaji. Ya kasance babban jami'in saka hannun jari a Jami'ar Yale daga 1985 har zuwa rasuwarsa a watan Mayu 2021.

Swensen ne ke da alhakin kula da kuma saka hannun jari a kadarorin bayar da lamuni da asusun saka hannun jari na Yale, wanda jimillarsu ta kai dala biliyan 25.4 a watan Satumba na 2016. Ya zuwa watan Satumba na 2019 jimillar kudin ya kai dala biliyan 30.3. An dauke shi a matsayin ma'aikaci mafi albashi a Yale, yana jagorantar tawagar ma'aikata kusan 30. Ya ƙirƙiro Tsarin Yale tare da Dean Takahashi, wani aikace-aikacen ka'idar fayil ta zamani da aka fi sani da "Tsarin Endowment." Hanyarsa ta saka hannun jari ta mutum ɗaya ta musamman ce domin ta jaddada raba jari a cikin asusun kariyar hauhawar farashin kaya na Baitulmali, takardun gwamnati, asusun gidaje, hannun jarin kasuwa mai tasowa, hannun jarin cikin gida, da kuma hannun jarin duniya masu tasowa.

Nasarar da ya samu a fannin saka hannun jari tare da Yale Endowment ta jawo hankalin manajojin fayil na Wall Street da sauran jami'o'i. "Yana nan tare da John Bogle, Peter Lynch, [Benjamin] Graham, da [David] Dodd a matsayin babban mai ruwa da tsaki a harkokin saka hannun jari," in ji Byron Wien, wani tsohon mai tsara dabarun Wall Street. Shugabannin saka hannun jari daga jami'o'i kamar Harvard, MIT, Princeton, Wesleyan, da Jami'ar Pennsylvania sun rungumi dabarun raba hannun jarinsa don samun nasara iri-iri. A karkashin jagorancin Swensen, Yale Endowment ya ga matsakaicin dawowar kashi 11.8 cikin 100 na shekara-shekara daga 1999 zuwa 2009. Ya zuwa shekarar kudi ta 2016, tallafin Yale ya karu da kashi 3.4%, mafi yawa daga kowace makarantar Ivy League, a cewar Investor Investmental .

An sanya Swensen a matsayi na uku a cikin jerin masu zuba jari 100 mafi tasiri a duniya a cikin shirin aiCIO na 2012, jerin masu zuba jari 100 mafi tasiri a duniya. A shekarar 2008, an shigar da shi cikin Babban Jami'in Kula da Asusun Hedge na Institutional Investors Alpha .

Rayuwar farko da ilimi

An haifi David Frederick Swensen a Ames, Iowa, a ranar 26 ga Janairu, 1954, kuma ya girma a River Falls, Wisconsin . Mahaifinsa, Richard David "Dick" Swensen, farfesa ne a fannin sinadarai kuma shugaban jami'ar Wisconsin-River Falls. Mahaifiyarsa, Grace Marie (Hartman), bayan ta haifi 'ya'ya shida, ta zama minista a Lutheran. Bayan kammala karatunsa daga Makarantar Sakandare ta River Falls a 1971, Swensen ya zaɓi zama a garinsu na River Falls kuma ya sami digirinsa na farko da na biyu a 1975 daga Jami'ar Wisconsin-River Falls inda mahaifinsa Richard Swensen farfesa ne. Swensen ya yi karatun digiri na uku a fannin tattalin arziki a Yale, inda ya rubuta rubutunsa na digiri, A Model for the Valuation of Corporate Bonds . Ɗaya daga cikin masu ba da shawara kan rubutun Swensen a Yale shine James Tobin, babban mai ba da shawara kan tattalin arziki ga gwamnatin John F. Kennedy kuma wanda zai lashe kyautar Nobel a fannin tattalin arziki nan gaba. A cewar Charles Ellis, wanda ya kafa Greenwich Associates kuma tsohon shugaban kwamitin saka hannun jari na Yale, "Lokacin da dusar ƙanƙara ta yi, David ya je gidan Jim don ya yi aikin share fage a kan titin jirgin ƙasa". Kyautar Nobel ta James Tobin, a tsakanin sauran abubuwa, ta kasance ne saboda gudummawar da wajen ƙirƙirar Ka'idar ...

Sana'ar saka hannun jari

Swensen ya fara aikinsa na saka hannun jari a farkon shekarun 1980, kuma tun daga lokacin ya shawarci Kamfanin Carnegie, Kasuwar Hannun Jari ta New York, Cibiyar Kiwon Lafiya ta Howard Hughes, Cibiyar Fasaha ta Courtauld, Asibitin Yale-New Haven, Asusun Zuba Jari don Gidaje (TIFF), Gidauniyar Edna McConnell Clark, da Jihohin Connecticut da Massachusetts .

'Yan'uwan Salomon

Bayan sha'awarsa ta ilimi wajen kimanta takardun lamuni na kamfanoni, Swensen ya shiga Salomon Brothers a shekarar 1980. Wani ma'aikacin bankin saka hannun jari na Salomon Brothers kuma tsohon ɗalibi a Yale, Gene Dattel, ya ba da shawarar wannan matakin aiki, wanda Swensen ya yi matuƙar burge shi. A shekarar 1981, Swensen ya yi aiki a matsayin mataimaki a fannin kuɗaɗen kamfanoni ga Salomon Brothers don tsara yarjejeniyar musayar kuɗi ta farko a duniya, yarjejeniya tsakanin IBM da Bankin Duniya wadda ta ba IBM damar hana su samun kuɗin Swiss francs da alamun Jamus da kuma Bankin Duniya don yin lamuni a waɗannan kuɗaɗen yadda ya kamata.

'Yan'uwa Lehman

Kafin ya shiga Yale a shekarar 1985, Swensen ya shafe shekaru uku a Wall Street a matsayin babban mataimakin shugaban kamfanin Lehman Brothers, wanda ya kware a ayyukan musayar kuɗi na kamfanin, inda aikinsa ya mayar da hankali kan haɓaka sabbin kayayyakin kuɗi. Swensen ya tsara ciniki na farko na musayar kuɗi bisa ga littafin When Genius Failed: The Rise and Fall of Long-Term Capital Management na Roger Lowenstein .

Tallafin kuɗi na Jami'ar Yale

An naɗa Swensen a matsayin manajan bayar da tallafin karatu na Yale yana da shekaru 31 a shekarar 1985. Wani mai ba Swensen shawara kan rubutun digiri, wato shugaban Yale, William Brainard, ne ya bayar da wannan matsayi. James Tobin ne ya ba da shawarar takarar Swensen, wanda, duk da ƙaramar shekarunsa na ɗalibi, ya yi imanin cewa zai iya zama mutumin da ya dace. Swensen ya yi shakkar karɓar wannan aiki tun da farko, domin bai san abubuwa da yawa game da kula da harkokin kuɗi ba sai dai karatunsa a makarantar digiri na biyu. Duk da haka, Brainard ya shawo kansa ya karɓi wannan matsayi kuma Swensen ya fara aiki a ranar 1 ga Afrilu, 1985, ta hanyar rage albashinsa da kashi 80%. Shekara guda bayan haka, a shekarar 1986, Dean Takahashi, wanda ya kammala karatun Kwalejin Yale kuma Makarantar Gudanarwa, ya shiga tare da shi, wanda nan da nan ya zama mataimakin Swensen amintacce. A shekarar 1985, lokacin da Swensen ya fara gudanar da tallafin karatu, ya kai dala biliyan 1; a shekarar 2019 ya kai dala biliyan 29.4.

Ya zuwa shekarar 2005, asusun ya sami ribar da ta kai kashi 16.1% a kowace shekara, wanda aka fi sani da "Mutumin Yale mai darajar dala biliyan 8" saboda ya samu kusan dala biliyan 8 na tallafin karatu na kwaleji daga 1985 zuwa 2005. A cewar tsohon shugaban Yale, masanin tattalin arziki Richard Levin, "gudummawar" Swensen ga Yale ta fi jimlar duk gudummawar da aka bayar cikin sama da shekaru ashirin. "Mun yi aiki mafi kyau," in ji Levin, saboda "ikon Swensen" na zaɓar mafi kyawun manajojin kuɗi na waje. Tsoffin ma'aikatan Swensen, waɗanda daga baya suka zama manajojin wasu asusun tallafi - ciki har da MIT, Stanford da Princeton - suma sun nuna sakamako mai ban sha'awa wajen ninka arzikin asusun.

A watan Satumba na 2014, Swensen ya fara mayar da tallafin Yale daga saka hannun jari a kamfanonin da ke da babban tasirin kore, yana bayyana fifikon Yale a cikin wata wasika ga manajojin kuɗi na asusun. Wasikar ta nemi su yi la'akari da tasirin jarin su akan sauyin yanayi, kuma su guji saka hannun jari a kamfanonin da ba sa yin ƙoƙari mai ma'ana don rage hayakin carbon. Wannan hanyar Swensen ta siffanta ta a matsayin hanya mafi sauƙi da sassauƙa, sabanin karkatar da kai tsaye.

Swensen ya yi kanun labarai a ranar 5 ga Maris, 2018 saboda jayayya da babban editan jami'a na Yale Daily News . Swensen ya kira babban editan a matsayin "matsoraci" saboda goge wata jumla mara daidai kuma ya cire wata ƙasa a cikin wani rubutu da ya gabatar wa jaridar; shafinsa, wanda ya buƙaci a buga ba tare da gyara ba, ya mayar da martani ga wani ɗalibi mai koyarwa wanda ya soki kamfanoni da ake zargin suna cikin fayil ɗin Yale.

Falsafar saka hannun jari

A ranar 28 ga Janairu, 2009, Swensen da Michael Schmidt, wani mai sharhi kan harkokin kuɗi a Yale, sun buga wani rubutu a jaridar The New York Times mai taken "Labarai da Za Ku Iya Ba da Lamuni" suna tattauna ra'ayin cewa ƙungiyoyin jaridu suna gudanar da su a matsayin ƙungiyoyin da ba na riba ba ta hanyar tallafin kuɗi. A ranar 13 ga Agusta, 2011, David Swensen ya buga wani rubutu a jaridar The New York Times mai taken "The Mutual Fund Merry-Go-Round," game da yadda neman riba daga kamfanonin gudanarwa ke haifar da rikici na sha'awa da alhakin amintattu ga masu zuba jari. Tallar ƙimar Morningstar yana sa masu zuba jari su bi tsoffin shugabannin kuma su fitar da kuɗi daga asusun da aka rage kwanan nan ko aka ƙima mara kyau zuwa asusun da aka inganta kwanan nan ko aka ƙima mai daraja. Sakamakon yana daidai da siyan manyan kuɗi da siyar da ƙananan kuɗi kuma yana haifar da riba ga mai zuba jari na yau da kullun fiye da siyan da riƙe kuɗin da kansu, musamman ga yankuna masu saurin canzawa kamar asusun fasaha. Mutane za su fi mai da hankali kan bambance-bambance tsakanin sassa da azuzuwan kadarori, waɗanda sune manyan abubuwan da ke haifar da sakamako na dogon lokaci.

Samfurin Yale

Swensen ya fara ba da shawara ga Yale Endowment a shekarar 1985; bayan ya sami digirin digirgir (Ph.D.) daga makarantar, ya ƙirƙiro falsafar saka hannun jarinsa "The Yale Model".

Swensen da Takahashi ne suka ƙirƙiro Tsarin Yale, wanda wani lokacin ake kira Tsarin Endowment, kuma an bayyana shi a cikin littafin Swensen mai suna Pioneering Portfolio Management . Ya ƙunshi rarraba fayil zuwa sassa biyar ko shida daidai gwargwado da kuma saka hannun jari a cikin ajin kadarori daban-daban. Babban abin da ke cikin Tsarin Yale shi ne faɗaɗa yawan kadarori da kuma tsarin daidaito, wanda ke guje wa azuzuwan kadarori masu ƙarancin riba kamar kuɗin shiga mai araha da kayayyaki .

Musamman a lokacin, fahimtarsa cewa rashin kuɗi abu ne mara kyau da za a guje wa maimakon abu mai kyau da za a nema, domin yana zuwa da farashi mai yawa a cikin siffar ƙarancin riba. Saboda haka, Tsarin Yale yana da alaƙa da yawan fallasa ga azuzuwan kadarori kamar hannun jari na sirri idan aka kwatanta da manyan fayiloli na gargajiya. Tsarin kuma yana da alaƙa da dogaro sosai ga manajojin saka hannun jari a cikin waɗannan azuzuwan kadarori na musamman, wani siffa da ta sa zaɓin manajoji a Yale ya zama tsari mai kyau.

Wannan nau'in saka hannun jari - wanda aka ware ƙaramin adadi kawai ga hannun jari na gargajiya na Amurka da takardun lamuni da ƙari ga wasu jarin - sai kuma manyan kuɗaɗen tallafi da tushe da yawa, saboda haka ana kiransa da "Tsarin Zuba Jari".

Ba da daɗewa ba bayan ya jagoranci ofishin saka hannun jari na Yale, Swensen, tare da Takahashi, sun nemi jarin da zai ba da damar bambance-bambance da riba mai yawa. Sun kuma aiwatar da dabarun da za su yi amfani da abubuwan da suka shafi bayar da tallafi: zato na dindindin, matsayin da ba a biyan haraji, da kuma tsofaffin ɗalibai masu himma a duniyar kuɗi. Saboda haka, an saka hannun jari a kamfanonin jari na kamfani, kamfanonin fasaha, da asusun hedge. A farkon matakai, ba kamfanoni da yawa ne ke mu'amala da nau'ikan kadarorin da Swensen ke sha'awar ba. Domin saka hannun jari a irin waɗannan kadarorin, ya fara taimakawa wajen ƙirƙirar waɗannan kadarorin ta hanyar zama mai jarin jari na jari-hujja na masu zuba jari na kamfani. Ya zuwa shekarar 2019, kusan kashi 60% na fayil ɗin bayar da tallafi na Yale an ware shi ga wasu jari-hujja kamar asusun hedge, jarin kamfani da hannun jari na sirri.

Sukar Tsarin Bada Gudummawa

Bayan da tallafin kuɗi na Harvard ya faɗi da kashi 30% zuwa dala biliyan 26 a shekarar da ta ƙare a watan Yunin 2009, wani rahoto mai shafuka 81 da aka fitar a watan Mayun 2010 ya gano cewa "Tsarin bayar da lamuni na saka hannun jari ya lalace. Duk ribar da ta samu a dogon lokaci ga kwalejoji da jami'o'i a baya dole ne a auna ta sosai da kuɗaɗen da take kashewa - zuwa harabar jami'o'i, zuwa ga al'ummomi da kuma ga tsarin kuɗi mai faɗi wanda ya shiga cikin mawuyacin hali." A cikin wata hira ta bidiyo, Mark W. Yusko wanda ya kafa Morgan Creek Capital Management, ɗaya daga cikin tsoffin tsarin saka hannun jari na bayar da lamuni, ya yi iƙirarin cewa shekara guda inda tallafin kuɗi bai yi kyau ba amma maimakon haka "ya ɗaure kowa" ba ya karya tsarin bayar da lamuni. A cewar Yusko, tsarin bayar da lamuni har yanzu shine mafi inganci ga masu zuba jari na dogon lokaci. Masu zuba jari za su kuma fahimci cewa rahoton da aka bayar ta hanyar saka hannun jari yana da tasiri sosai kan aikin da aka ruwaito fiye da da.

Masu zuba jari da yawa a cibiyoyi sun yi ƙoƙarin kwaikwayon Tsarin Swensen da Tsarin Yale don daidaita asusun ajiyar su, asusun fansho, da tallafin kuɗi, amma ba su ga irin wannan sakamako ba.

Nasarar da ba ta dace ba

A shekarar 2005, Swensen ya rubuta wani littafi mai suna Unconventional Success, wanda jagora ne ga kowane mai zuba jari. Za a iya taƙaita dabarun da ya gabatar zuwa manyan shawarwari guda uku masu zuwa:

• Ya kamata mai zuba jari ya gina fayil ɗin da za a ware wa manyan azuzuwan kadarori guda 6, ya bambanta a tsakaninsu da kuma nuna son kai ga sassan hannun jari.
• Mai zuba jari ya kamata ya sake daidaita fayil ɗin akai-akai ( yana sake daidaita ma'aunin asali na azuzuwan kadarori a cikin fayil ɗin).
• Idan babu kwarin gwiwa a kan dabarun da za su iya bunƙasa kasuwa, sai a zuba jari a asusun ajiya mai rahusa da asusun musayar kuɗi . Ya kamata mai zuba jari ya yi taka tsantsan da kuɗaɗen da ake kashewa domin wasu fihirisa ba su da kyau kuma wasu kamfanonin asusu suna karɓar kuɗi mai yawa (ko kuma suna haifar da manyan basussukan haraji).

Yana sukar kamfanonin asusun haɗin gwiwa da yawa saboda karɓar kuɗi mai yawa da rashin cika alhakin da suka rataya a wuyansu. Yana nuna rikicin riba da ke cikin asusun haɗin gwiwa, yana mai da'awar cewa suna son manyan kuɗaɗen shiga, manyan kuɗaɗen shiga yayin da masu zuba jari ke son akasin haka.

Rayuwa ta sirri

Swensen ya zauna a Westville, Connecticut . Wasu tsofaffin ɗaliban Yale sun yi wani kamfen na sanya wa ɗaya daga cikin sabbin kwalejojin zama biyu suna Swensen; an sanya wa kwalejojin zama biyu suna bayan Benjamin Franklin da Pauli Murray. A shekarar 2023, Makarantar Gudanarwa ta Yale ta sanar da ƙirƙirar Cibiyar Gudanar da Kadarorin Swensen.

Swensen ya koyar da harkokin kula da kyaututtuka a Kwalejin Yale da kuma Makarantar Gudanarwa ta Yale . Ya kasance memba na Kwalejin Berkeley kuma memba ne na ƙungiyar Elizabethan .

Swensen ya mutu sakamakon cutar kansar koda a Asibitin Yale New Haven a ranar 5 ga Mayu, 2021, yana da shekaru 67.

Ra'ayoyin siyasa da tattalin arziki

A watan Fabrairun 2009, an naɗa Swensen a matsayin memba na kwamitin ba da shawara kan farfado da tattalin arziki na Shugaba Barack Obama, wanda ya yi aiki daga 2009 zuwa 2011.

Ra'ayoyi kan kasuwannin jari

A lokacin wata hira da ya yi da cibiyar kuɗi ta duniya ta Yale, ya bayyana cewa kasuwannin jari za su fi kyau a ƙarƙashin dokar Glass-Steagall (tanade-tanaden da ke cikin Dokar Banki ta Amurka ta 1933 waɗanda ke iyakance hulɗar da ke tsakanin ayyukan hannun jari a cikin bankunan kasuwanci da saka hannun jari). Ya bayyana cewa "bankin kasuwanci yana da muhimmin aiki mai amfani: tattara ajiya da yin lamuni, kuma idan muka ayyana wannan aikin a taƙaice kuma muka tsara shi sosai kuma muka buƙaci ya kula da babban matakin jari to yanayin jari zai fi aminci."

Gado da girmamawa

Hasumiyar Swensen

Swensen ya lashe kyaututtuka da dama saboda saka hannun jari da kuma kula da kyaututtukan Yale. A shekarar 2012, ya lashe lambar yabo ta Yale saboda "kyakkyawan hidimar da ya yi wa Jami'a." A shekarar 2008, an ba shi lambar yabo ta American Academy of Arts & Sciences Fellowship, kuma a shekarar da ta gabata, an ba shi lambar yabo ta Mory's Cup saboda "babban aikin da ya yi wa Yale." Haka kuma a shekarar 2007, an ba shi lambar yabo ta Hopkins "saboda jajircewa, sadaukarwa da kuma biyayya ga Makarantar Hopkins ." A shekarar 2004, ya lashe lambar yabo ta Cibiyoyi kan Ingantaccen Gudanar da Zuba Jari.

A shekarar 2008, an shigar da shi cikin ƙungiyar masu zuba jari ta Alpha's Hedge Fund Manager tare da Alfred Jones, Bruce Kovner, George Soros, Jack Nash, James Simons, Julian Roberston, Kenneth Griffin, Leon Levy, Louis Bacon, Michael Steinhardt, Paul Tudor Jones, Seth Klarman da Steven A. Cohen .

An sake sanya wa hasumiyar Yale's Humanities Quadrangle (wanda a da ake kira Hall of Graduate Studies) suna Hasumiyar Swensen a watan Maris na 2015.

Duba kuma

• Jerin ɗaliban Jami'ar Wisconsin-River Falls
• Jerin tsofaffin ɗaliban Jami'ar Yale

Littattafan tarihi

• Gudanar da Fayilolin Jagorori: Hanya mara tsari ga Zuba Jari na Cibiyoyi (2000) , 'Yan Jarida
• Gudanar da Fayilolin Jagorori: Hanya mara tsari ga Zuba Jari na Cibiyoyi, An Yi Musu Gyara da Sabuntawa (2009) , 'Yan Jarida
• Nasarar da Ba a Saba da Ita Ba: Tsarin Asali na Zuba Jari na Kai (2005) , 'Yan Jarida