Malcolm Gladwell unloads on Yale University for what he says is exorbitant spending on hedge fund management fees.
In a series of tweets on Wednesday, he cited a New York Times op-ed to attack the Ivy League school for supposedly paying excessive fees to hedge funds that manage Yale’s endowment, while spending a fraction of the amount on students.
Gladwell’s tweets about Yale’s spending are sourced from the Times op-ed by University of San Diego Law professor Victor Fleischer, who researched endowment spending and came up with the $480 million number.
Fleischer says that’s the amount that Yale paid to private-equity fund managers as compensation last year.
This isn’t Gladwell’s first attack the Ivy League for its massive endowment spending. In June, he mocked the $400 million donation to Harvard University by hedge fund manager John Paulson.