Good morning friends!

It’s been a week of volatility in the financial markets. As asset prices continue to fall — from stocks to crypto — I thought it would be a good time to surface my new deep dive on legendary institutional investor David Swensen.

Swensen was the chief investment officer at Yale's endowment—the multibillion-dollar pool of money that makes up Yale’s fortune. In his three-decade career, he grew the university's endowment from $1 billion in 1985 to $31 billion in 2020 through an investment approach now known as “The Yale Model.”

The model was novel and contrarian for its time. It divided Yale's endowment portfolio into five or six equal parts and invested each in a different asset class. It focused on broad diversification, doubled down on equities, and reserved a significantly higher allocation for alternative assets, such as venture capital and private equity.

One lesson I took away from Swensen’s investment philosophy is that rebalancing is important during times of economic trouble.

As a long-term investor, Swensen saw financial downturns as opportunities to rebalance his portfolio. In other words, even when it seems like the world is falling apart and markets are swinging violently, it takes courage to buy what’s on sale, even at deep discounts.

He knew this was difficult to do in times of crisis. "If you talk to a businessman, a businessman is going to feed the winners and kill the losers," he said. "But in the investment world, when you've got a winner you should be suspicious about what's next. And if you've got a loser, you should be hopeful—although not naively hopeful."

Read the full dossier below.

The Profile

The Profile Dossier: David Swensen, the Greatest Institutional Investor of All Time

David Swensen was a pioneer in the world of investing. The legendary money manager, who passed away in May after a battle with cancer, is credited for revolutionizing the way that universities invest their assets. Swensen was the chief investment officer at Yale's endowment—the multibillion-dollar pool of money that makes up Yale’s fortune…

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4 days ago · 3 likes · Polina Pompliano

PROFILES.

— The dating app founder seeking revenge [**HIGHLY RECOMMEND**]
— The radio DJs streaming to death row
— The former NBA star re-learning to live
— The reigning queen of pop
— The internet’s bad boy
— The author turning to newsletters

PEOPLE TO KNOW.

The dating app founder seeking revenge: Sean Rad co-founded the popular dating Tinder. In 2018, Rad filed a 55-page complaint against Barry Diller’s media conglomerate, IAC, which at that time owned Tinder. According to the complaint, IAC had scammed Rad out of more than $1 billion. Rad spent three years pursuing Diller through the court system, seeking money that Diller’s firms had allegedly stolen from him. Here’s how it all shook out. (New York Magazine)

“Fuck him. We’re at war. We will destroy him.”

The radio DJs streaming to death row: The Tank is a radio show with a wide range of programming, with shows covering everything from heavy metal to self-improvement. It’s recorded in a studio hidden deep inside a maximum-security prison and stocked full of equipment, most of which was donated by churches and religious groups. The Tank allows men on one of the most restrictive death rows in the country to have a voice that reaches beyond their cells. What a profile. (The Marshall Project)

“I'm alone. I'm alone in that cell. That's all I can do is give you my words.”

The former NBA star re-learning to live: On May 20, 2005, NBA star Shawn Bradley took his last steps on the Mavs’ home court. Retiring at 33, the No. 2 pick in the 1993 NBA draft never reached the potential his 7’6’’ height portended. After 12 pro seasons, he had to confront a life devoid of basketball. On Jan. 20, 2021, at 48, Bradley took his last steps, period. He’s now confronting a life devoid of so much more. (Sports Illustrated)

“It’s not just the person that’s involved in the accident. It’s a domino effect. Our family has been forever changed.”

The reigning queen of pop: Janet Jackson has been a pop superstar for more than 30 years. She could easily rest on her laurels, but she’s still very much in control of her creative output. In this profile, she reflects on her career, on that infamous Super Bowl incident, and what it’s meant to have spent three decades in the public eye. (Allure)

“I would hope that I’d be able to continue if I choose to. You know what I mean? But only time will tell.”

The internet’s bad boy: Dave Portnoy founded Barstool Sports in 2003 as a free newspaper for lowbrow content aimed at men. Today, he is at the center of Barstool’s sprawling network of podcasts, livestreams, and YouTube shows. The company expects to make $200 million in annual revenue next year. He’s navigated scandal after scandal using the “culture war” playbook. (New York Magazine)

“I am at the height of my powers.”

The author turning to newsletters: Last month, bestselling author George Saunders launched Story Club, a subscription newsletter on Substack. In his twice-weekly newsletter, Saunders promises to look at what makes stories work — and “what [we can] learn about the mind by watching it read and process a story.” In this interview, Saunders discusses work, wisdom, the drive to teach, and gives a few pointers on how to write well. (The Guardian)

“I don’t like relaxing. My policy is [to] overload myself. I work better with less sleep and I work better with more work.”

✨ This installment of The Profile is free for everyone. If you would like to get full access to all of the recommendations, including today’s audio and video sections, sign up below.

AUDIO TO HEAR.

Rich Roll on how to reinvent yourself: You probably know Rich Roll as the voice behind his wildly popular eponymous podcast. What you may not know is that he has successfully re-invented his life after a dangerous addiction to alcohol. It affected all aspects of his life — including the day his marriage ended during the honeymoon because of it. One phrase had the power to change his life: “Mood follows action.” In this podcast, he explains what it means and how it can play out in our own lives. (Link available to premium members.)

George Clooney on his new season of life: Actor George Clooney recently turned 60, and this milestone birthday has changed how he approaches life. He now reminds himself all the time that life is fragile and he doesn’t know how much time he has left. This mindset has transformed his relationships with his friends, family, and children. (Link available to premium members.)

VIDEOS TO SEE.

Ryan Serhant’s life of luxury: Reality TV real estate broker Ryan Serhant is just as good at selling luxury apartments as he is at selling himself. He gained prominence through the show Million Dollar Listing, and recently launched his own brokerage, which has become one of the most successful real estate brokerages in New York. Here’s how he did it. (Link available to premium members.)

Peter Scott-Morgan on using AI to push the limits of what’s possible: In this interview, “human cyborg” Peter Scott-Morgan’s avatar explains how the most important parts of him are controlled by artificial intelligence. “That all potentially gets a bit weird,” he says. He plans to use AI for everything from speaking to controlling things to moving about. Here’s how he’s pushing science forward by making his work and life open to the public. (Link available to premium members.)

The American mom who joined ISIS: In November 2020, Samantha Sally, a mom from Indiana, was sentenced to six-and-a-half years in prison for financing terrorism, which made her the first American woman to be convicted on ISIS-related terrorism charges. This documentary details what happened during her time in the ISIS-controlled territory in Syria. (Link available to premium members.)