From a New York Times interview with Davis Swenson, head of Yale endowment:
Mr. Swensen likes teaming up to invest with his former analysts. For one thing, it can reduce the risk of panicky withdrawals. “We were talking to a manager who just had capital taken away because the fund had a bad year,” Mr. Swensen recalled. “The investor said, ‘Your five-year numbers are not so good, so we are firing you.’ That sounds like the stupidest thing I ever heard,” Mr. Swensen said.