What fascinates me isn’t simply Harvard putting more than 50% into SpaceX—it’s the infrastructure thesis behind the portfolio. SpaceX represents next-generation connectivity and space infrastructure, while TSMC and NVIDIA sit at the core of the AI compute supply chain.

However, I wouldn’t blindly copy that concentration. Harvard’s endowment has a very different risk tolerance, time horizon and access to private investments than an individual investor.

The 4% gold position is equally interesting. Even while aggressively backing technology, Harvard still keeps a hedge against inflation, rates and geopolitical shocks.

My takeaway: don’t copy Harvard’s percentages—copy the logic behind the bets. Conviction matters, but position sizing determines whether you can survive being wrong.

@Tiger_SG [贱笑]