Earning high returns isn't just a matter of bragging rights - endowment income supports the missions of nonprofit institutions, whether education, as with college and universities, or broader social programs, as at many private foundations.

Early investors in Uber and Airbnb, though they remain private companies, have valued them at stratospheric multiples based largely on the notion that Uber will transform and dominate local transportation and Airbnb will revolutionize the hotel industry.

Amazon and Snap both have stories that are compelling for many investors: Amazon has transformed retailing and is destined to dominate it. Snap is reinventing communication, at least for millennials and those even younger.

James B. Stewart Quotes