An Annual Report for the Ages

Yale University’s 2005 endowment annual report is a remarkable document—akin, perhaps, to a game program for the ’98 Chicago Bulls or ’70 Brazil World Cup team. The returns, as strong as they are, are not the reason: Populated throughout by staff photos, the report instead shows exactly why David Swensen is considered not just the Godfather of allocators, but of allocating talent development as well.