David Swensen, Yale's chief investment officer, guest lectures in Robert Shiller's Financial Markets course at Yale. He opens by addressing Barron's public criticism of his endowment management approach, then walks through the core mechanics of his strategy: asset allocation across equities, real estate, and alternative assets, his skepticism toward market timing, and how his team approaches security selection through outside managers rather than in-house trading. He returns to the Barron's critique near the end, defending the long horizon and illiquidity tolerance that define institutional endowment investing, before taking student questions. The talk gives a practitioner's view of the portfolio theory taught earlier in the course, grounded in decades of running Yale's endowment through market cycles including the 2008 crisis.