CHARLES D. ELLIS advises institutions, wealthy families, and governments around the world on investing. For many years, he chaired the investment committee at Yaleand has taught the advanced investment courses at both Harvard Business School and Yale School of Management. He has written 16 books and over 100 articles. Recognized as one of the 12 leading contributors to the investment profession, he has chaired CFA Institute and served on theinvestment committees of Exeter, KAUST, Robert Wood Johnson Foundation, Hollins University, Whitehead Institute, and as a director of Vanguard.