A Texas Maverick Is Trying to Save Endowments From the Next Stock-Market Crash. Will They Listen?
When Salem Abraham would show up at his grandfather’s 10,000-acre ranch in Canadian, Texas, it was often bad news for the Hereford bulls: dehorning, branding, castration. These days, he has an equally uncomfortable message for the tassel-loafered endowment managers at Harvard, Princeton, and MIT: “Hope is a bad strategy.” It’s a warning Abraham — hedge fund manager, commodities trader, and Texas rancher — has been delivering for years to investors who figure they will be lucky enough to dodge the next stock-market calamity. Endowments, foundations, and their ilk today are wild...
Source: institutionalinvestor.com