Since its inception, TIFF has continuously delivered thoughtful insights on investment topics relevant and important to our members. Some of these writings were relevant at a particular point in time, while others, in our opinion, contain lasting themes.
25 years ago, this month, our CEO at the time, David Salem, spoke at the NACUBO Advanced Endowment Management Workshop. In his talk, David used his vast library of baseball anecdotes to illustrate a key principle that TIFF’s investment team believes just as fervently today, i.e., that successful investors must avoid the “natural human tendency to favor comfort over profit.” Our team today regularly accepts what Salem called “reputational and career risk” by looking at risk as something to be exploited rather than avoided.
If you’ll take the time to download the pdf above, you’ll learn much more on this central tenet of successful investing and, as a bonus, you’ll learn how Napoleon invented relief pitching!