The Perfect End to 2016
I DON’T KNOW ABOUT YOU, but I’m quite happy to mark an end to this year.
2016 has been a tumultuous and trying year for politics (I still can’t wrap my head
around President-Elect Donald Trump) and the economy (low to negative interest
rates, low growth, low returns… are there any positives?)—not to mention much
social turmoil around the world. (If you’re with me in this sentiment, you might
enjoy John Oliver’s final Last Week Tonight episode of the year: An ode to 2016, “an
uncommonly sh*#$y year.”)
But before we completely shut the door on 2016, we have one reason to celebrate: the
seventh annual Industry Innovation Awards held once again at the New York Public
Library in Bryant Park. To those who have made the (correct) decision to attend,
you’ll be holding this issue on the evening of the awards gala. Earlier in the night,
we will have celebrated nine allocator and 13 manager winners. At the post-dinner
cocktails, you’ll probably see tonight’s victors—like Texas Tech University System’s
Tim Barrett, American Airlines’ Ken Menezes, and Intermountain Healthcare’s
Jacque Millard—stuffing copies of this issue in their bags to show their families.
(Don’t worry, guys—we can mail you extras.)
If you happen to see the University of Chicago’s Mark Schmid around (hopefully with
a glass of champagne or two in his hands), make sure to congratulate him—and hand
him more drinks. The long-time investment chief is this year’s Lifetime Achievement
Award honoree. Although Schmid has only been at U. Chicago’s $7.6 billion
endowment since 2009, he has spent almost two decades as a CIO, including running
the pension funds at Chrysler and Boeing. More importantly, he’s been extremely
successful in leaving behind incredible investment talent during his tenures.
As you flip through this issue, we hope you’ll chuckle at our annual Buzzfeed-style list,
“ 16 Signs You Were a CIO in 2016” (p. 4). Were you thinking of cutting your hedge
fund portfolio because apparently everyone is? Did you fear for Narv Narvekar when
he took the Harvard gig? Did you troll the depths of the internet for Bridgewater
sexual-harassment gossip? We thought so.
And we hope you’ll join the debate launched by this issue’s feature, written on a
controversial topic that will most likely require numerous follow-up articles: Is the
Yale model broken—or is it just not right for everyone? (p. 46) Our contributing
editor Alexandra DeLuca looks into the problem—don’t miss her interview with
As you depart the library—whether for the inevitable after party and after-after party
or, for the more responsible among us, a nice warm bed—we hope you’ll take with
you lessons from the pioneering investors celebrated tonight. 2016 may have been a
rough year, but that’s okay: The best innovators are always looking forward.
LETTER FROM THE EDITOR
Sage Um, Managing Editor
SooJin C. Buzelli, svp
ASSISTANT EDI TOR
Amy Whyte, firstname.lastname@example.org
CON TRIBUTING EDITORS
Alexandra DeLuca, Corie Hengst
DESIGN & PRODUC TION
Lynn Connelly, Grace Hough, Alanna Jacobs,
Chris Kwon, Claire Merchlinsky, Virginia Zamora
CON TRIBUTING DESIGNERS
CON TRIBUTING ARTISTS
John Cuneo, Thomas Fuchs, Victo Ngai,
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Chief Investment Officer (ISSN 2166-2142)
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