The Minutes of Bill Gurley on endowments https://minutesof.com/bill-gurley/on/endowments/ Everything Bill Gurley has said on endowments: 4 verbatim quotes between June 2025 and March 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:22:04 +0000 Gurley argues most US endowments and foundations are now overinvested in private equity and venture capital. https://minutesof.com/q/0999a2b8-e591-41fb-b3aa-25d197235cbd/ https://minutesof.com/q/0999a2b8-e591-41fb-b3aa-25d197235cbd/ “I think the Swinson mimic effect has now played out. And I think personally that most of the endowments and foundations in The US are over invested in private, both PE and venture.” — Bloomberg Podcasts Thu, 05 Mar 2026 01:47:37 +0000 endowments Gurley argues most US endowments and foundations are over-invested in private markets with no incentive to get https://minutesof.com/q/8617f662-a82f-411e-8327-239874331e26/ https://minutesof.com/q/8617f662-a82f-411e-8327-239874331e26/ “And I think that the way the industry is structured in this would require longer conversation. There's no incentive for the operators inside of the endowments or foundations to get the paper marks right.” — Bloomberg Podcasts Thu, 05 Mar 2026 01:47:37 +0000 endowments Gurley notes Yale model achieved 13% returns over 35 years by overweighting illiquid assets. https://minutesof.com/q/e380ce5e-99d8-4e6d-b485-c08d3f7fd938/ https://minutesof.com/q/e380ce5e-99d8-4e6d-b485-c08d3f7fd938/ “Yale, I think they say had a 13% compounding return over thirty five years under David Swenson. He is known for the Yale model.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 endowments Gurley questions if Yale model works when universally adopted, notes Yale itself selling $6B. https://minutesof.com/q/e64f76a4-2e08-434f-973a-d7ac71178786/ https://minutesof.com/q/e64f76a4-2e08-434f-973a-d7ac71178786/ “What if everyone goes to 50% illiquid? Will it still work? I think that's a provocative question. But I think that's what happened for sure.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 endowments