September 2, 2005

Big Bucks, Closed Books

David Swensen's financial acumen has made billions for Yale -- but don't ask too much about how he does it

By JOHN L. PULLEY

David Swensen has a secret. To visit his office on the fringe of Yale University's campus, a visitor must get past a uniformed guard in the lobby, ascend to the fifth floor in an elevator that can quickly be rendered inoperative in the event of a security breach, and wait for a receptionist to buzz open a heavy glass door.

Here in this fortified cocoon, Mr. Swensen, 51, quietly manages Yale's endowment, which has grown by more than $2-billion in the last year to surpass $15-billion