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Ivy League money managers made questionable decisions and asset allocation, modern portfolio theory got blame
April 20, 2010 — 6:20 AM UTC by Timothy J. Keating, Guest Columnist
Brooke's note: Here is a detailed account of how Yale's famously successful endowment went off the rails — and how the "Yale Model" cost other Ivies billions of dollars as well. It's hard to imagine anyone could be better suited intellectually or poetically for the task than Tim Keating. He's an RIA who earned an AB cum laude in economics from Harvard College.
"The Yale Endowment Model of Investing is Not Dead," by Timothy J. Keating was originally published in Investment Management Consultants Association's March/April 2010 issue of Investments & Wealth Monitor. To access more articles, visit IMCA's Web site: www.IMCA.org.
The Ivy League is known for its traditions, its gothic buildings, and, until recently, the mystique of its mammoth-sized endowments that consistently generated incredibly high returns in bull and bear markets alike. Ivy League and other large endowments, weighing in at billions of dollars, were able to achieve extraordinary results by following what often is called the "Yale Model" for endowments developed by Yale University Chief Investment Officer David Swensen, under whom the school invested heavily in alternatives such as private equity and hedge funds. Until very recently, the Yale Model appeared invincible.
This financial invincibility ground to a halt, however, in the past year, when the largest university endowments —those of Harvard and Yale — announced losses of 27% and 25%, respectively, for the fiscal year ended June 30, 2009. This stunning news led many to declare that modern portfolio theory — the intellectual underpinning of the Yale Model — was dead. Upon closer inspection, however, it becomes clear that the problem is with neither modern portfolio theory nor asset allocation. The problem lies with the endowments' policies of holding shockingly small amounts of cash relative to the amounts needed to finance day-to-day operations.
For the sequel to this article, see: How the Harvard and Yale endowment models changed to avoid a repeat of 2009
In this article, I argue that the meltdown at certain endowments had nothing to do with purported flaws in modern portfolio theory but was caused instead by a failure to model for truly extreme events. Given the enormous obligations of many Ivy League endowments to fund general university operations, their portfolios were positioned on the wrong point of the efficient frontier. In other words, given their liabilities, they simply invested far too little in cash and liquid assets — not too much in alternatives such as private equity.
Modern Portfolio Theory and Asset Allocation
Modern portfolio theory relies on the assumption that each asset class has a measureable historical return ("mean"), volatility ("variance"), and historical correlation with respect to each other asset class ("covariance"). This mean-variance framework is used to construct optimal portfolios based on risk and return assumptions. The idea is that diversifying a portfolio to include asset classes that have different correlations reduces risk. For example, if the stock market declines, those assets that are strongly correlated to the stock market also will decline, but at the same time those that are negatively correlated to the market will rise, thus reducing any loss or even producing gains (Bary 2009).
The Yale Model
Relying heavily on modern portfolio theory, Swensen and Yale endowment managers developed the following five principles, which have become the basis of the Yale Model (Swensen 2009):
- Invest in equities, because it is better to be an owner rather than a lender.
- Hold a diversified portfolio, avoid market timing, and fine-tune allocations at extreme valuations.
- Invest in private markets that have incomplete information and illiquidity to increase long-term incremental returns.
- Use outside managers except for all but the most routine or indexed investments.
- Allocate capital to investment firms owned and managed by the people actually doing the investing to reduce conflicts of interest.
Guided by these principles, the Yale endowment is diversified in alternatives and historically has invested almost exclusively in equities. Although universities with smaller endowments are limited in their ability to invest in alternatives because they rely on greater percentages of their endowments for cash, large endowments typically have had long-term investment horizons and could afford to trade short-term illiquidity for long-term returns (Bary 2009).
The Success of Ivy League Endowments
The Yale endowment achieved enormous success under Swensen's 24-year leadership, enticing many other large endowments to emulate the Yale Model. As table 1 shows, these schools invested heavily in alternatives such as hedge funds, foreign equity, and private equity — and made tiny allocations to bonds (Bary 2009).
Over the past decade, these heavily equity/alternatives-skewed asset allocations produced outstanding results. For the 10 years ending June 30, 2008, the Yale endowment produced an annual return of 16.3%; Harvard produced 13.8%, and Princeton produced 14.9%. To put this performance into perspective, the S&P 500 during these years returned only 2.9% annually. These annual returns translated into explosive growth of the endowments during this time period: Harvard's grew to $36.9 billion from $13 billion, Yale's grew to $22.9 billion from $6.6 billion, and Princeton's grew to $16.3 billion from $5.6 billion (Bary 2009).
The Yale Model Breakdown
Despite all of the successes of the decade, the fiscal year ended June 30, 2009, was a nightmare for large endowments. Even the Yale endowment, the pioneer of the new endowment model, suffered stunning losses.
What Happened?
The Yale Model breakdown stems from the fundamental illiquidity that characterizes most alternative investments. Smaller endowments (those with less than $1 billion under management) outperformed large endowments by significant margins because they put more money in fixed income and less in alternatives (Karmin 2009a). Table 1 compares large endowments' asset allocations with average allocations for all education endowments. Large endowments invested much more than average in alternatives, especially in private equity, and much less in bonds and cash, which were the only two asset classes that have had positive returns since June 2008. In fact, the Harvard and Yale endowments had negative allocations in cash (Bary 2009).
Nearly all endowments suffered, but large endowments following the Yale Model were hit harder than most. The median decline in return for all endowments in the fiscal year ended June 30, 2009, was 19%, while the S&P 500 lost 26.2% over the same time. The large Ivy League endowments, however, fared worse, with Harvard and Yale experiencing 27% and 25% respective declines (Demos 2009). Combined, these two investment pools lost an astounding $17.8 billion in the fiscal year ended June 30, 2009 (Hechinger 2009).
It got so bad that cash-strapped Ivy League universities were forced to borrow money (by issuing bonds) to pay for daily operating expenses (Bary 2009). This is because Ivy League schools, on average, rely on endowments to fund more than 25% of day-to-day operations, with Harvard, Princeton, and Yale topping the range at 55%, 48%, and 37%, respectively. Compare this figure to the all-colleges average of 5%; indeed, endowment liquidity is critical for the Ivies (Karmin 2009a). In fact, Harvard's endowment distributed $1.7 billion to the university in fiscal 2009 —more than one-third of the operating budget (Salsberg 2009). These distributions are in addition to unfunded investment commitments to private equity and real estate. As of June 30, 2008, these investment commitments were $11 billion at Harvard, $8.7 billion at Yale, and $6.1 billion at Princeton. Normally, endowments finance these commitments with current income and distributions from existing funds. When distributions dried up, however, endowments became desperate for cash. As a result, they were forced into the bond market. In 2009, Harvard took on debt of $1.5 billion, Princeton took on $1 billion, and Yale took on $800 million (Bary 2009).
One cornerstone of modern portfolio theory is that an optimal portfolio should lie on the efficient frontier, yielding the highest expected return possible for the given amount of risk. Many large university endowments were positioned in the high-risk/high-return portion of the curve. Absent any need for short-term liquidity, this would seem like a logical risk-return profile for a patient, long-term investor. These endowments, however, have significant short-term liabilities and thus need short-term liquidity.
Endowments boomed in the bull market, leading to investment policies that assumed perpetually free-flowing cash. How else to explain enormous allocations to illiquid investments and minuscule or no allocations to cash, coupled with obligations to fund meaningful portions of operating budgets? As table 2 shows, investment commitments accounted for a large portion of endowment funds to begin with, and, as endowments shrank, investment commitments consumed a larger proportion of endowment funds. Furthermore, operating budgets were at all-time highs and had grown to rely on endowment contributions for enormous percentages of those budgets.
Of course, university endowments enjoy regular cash inflows from alumni donations. However, as people experience declines in wealth, propensity to donate also declines (this is known as "the negative wealth effect"). In the recent financial crisis, Ivy League endowments have suffered doubly because of shrinking asset values as well as shrinking donations, a result of potential donors' own decimated portfolios.
To remedy these problems, university endowments are redefining their asset allocations. Harvard reduced risk exposure by raising cash, removing $3 billion in future commitments to investment funds and reducing real-asset allocation to 23% from 26%. The Harvard endowment now aims to hold 2% of assets in cash, rather than the previous –5% position, which reflected cash borrowed to invest in other asset classes (Hechinger 2009).
A Different Experience at Penn and Columbia
A few endowments using significantly different investment strategies avoided large losses. The University of Pennsylvania's endowment, for example, sustained a loss but did better than many of its Ivy League peers by shifting a significant portion of its portfolio into Treasurys. The large Treasury position provided enough liquidity for Penn's endowment to meet investment commitments to private equity funds that caused other Ivy League endowments so much trouble (Karmin 2009b). Columbia, on the other hand, allocated more to stocks relative to alternatives. As a result, the Penn endowment experienced a relatively modest decline of 16% for the fiscal year ended June 30, 2009, and Columbia showed losses of 14% (Demos 2009).
Many have squarely blamed modern portfolio theory for the huge losses at endowments that followed the Yale Model. They claim that asset allocation no longer works because many asset classes have become so highly correlated. I disagree. Modern Portfolio Theory is not dead. All models are only as good as their underlying assumptions. The mean-variance framework of modern portfolio theory relies heavily on historical returns to predict future outcomes. When markets collapse, asset classes become very highly correlated.
Converging Correlations during Extreme Events
During extreme events, a shock often starts in one asset class and quickly spreads to other risky asset classes, causing flights to quality and liquidity (i.e., Treasurys). When this happens, the return on an asset becomes inversely proportional to its riskiness, precisely the opposite of what happens during normal times. In the past 22 years alone, many crises have fit this description: Black Monday (1987), the Gulf War (1990), the Mexican Crisis (1994), the Asian Crisis (1997), the Tech Bubble (2000), 9/11 (2001), and the Credit Crisis (2008) (Briand and Owyong 2009, 11). During these periods of extreme stress, diversification has provided little benefit because correlations converged to one and all asset classes declined in tandem.1
The Misleading Nature of Asset Classifications
Traditional asset classes such as equities, fixed income, and alternatives refer more to the structure of the asset rather than the role the asset plays in a well-diversified portfolio. In short, an asset in the equities category may be highly correlated to another asset in the alternatives category, making diversification among equities and alternatives less appropriate than otherwise assumed. For example, the alternatives category includes hedge funds, private equity, and private real estate. Several studies, however, have shown that hedge fund strategies have high traditional beta, private equity returns are highly correlated to public equity returns, and privately held and managed real estate assets follow the ups and downs of public real estate assets. These correlations can lead to portfolios that are well-diversified in terms of asset classification but not in real-world performance (Briand and Owyong 2009, 15).
Managing for Extreme Events: The Black Swan
So what can or should the large endowments do to prepare portfolios to better withstand crises? One solution is to better model and manage risk for extreme events using the concepts of Value at risk (VaR) and extreme value theory.
VaR is a statistic used to measure downside risk. It's defined as the maximum loss that a portfolio is expected to incur over a specified period of time, within a specified probability. For example, if the one-year 99% VaR is 30%, then there is a 1-percent chance that the portfolio will decline more than 30% in one year. A common problem with VaR measures is that managers tend to assume that returns are normally distributed, which underestimates the chance of extreme events (the so-called "black swan," also known as tail risk). In reality, return distributions usually have "fat tails," meaning that extreme events are more likely. The solution is to use extreme value theory to produce a generalized extreme value distribution that can more accurately predict the pattern of returns as well as the chance of extreme events (Briand and Owyong 2009, 12).
Once the probability of extreme events is properly determined, managers can use a portfolio business continuity plan to manage tail risk. This involves first defining what they consider to be an extreme event, which includes precise values of returns, volatility, VaR, or some combination of these factors. Another useful protocol is to perform stress tests for the portfolio to see how well the portfolio holds up against the biggest current threats. Finally, actions involving portfolio trades to mitigate tail risk should be planned for as and when the black swan occurs.
Where the large endowments really broke down was in their failure to maintain the liquidity needed to withstand the shock of an extreme event. The endowments succumbed to the fallacy that as long-term investors they had no need for short-term liquidity. They mistakenly assumed that cash from alumni donations and investment distributions would be perpetually free-flowing to meet any short-term liquidity needs. These are the same endowments that are obliged to fund 25 percent to 45 percent of their respective universities' operating budgets and had outstanding investment commitments totaling in the billions.
Given their immense and ongoing cash needs, it is shocking how little cash these university endowments had in their portfolios. The fault, however, is not that the endowments invested too much in alternatives such as private equity, but that they invested far too little in cash and liquid assets.
Modern portfolio theory and asset allocation are not dead, and alternatives can and do play an important role in a well-constructed and well-diversified portfolio. The recent difficulties of the large endowments don't reflect a breakdown of the principles of asset allocation; they reflect failure of endowment managers to properly diversify and plan for extreme events. Endowments must model and prepare for extreme events, evaluate whether the classification of their assets genuinely reflects true diversification, and perhaps most importantly, appropriate a much larger portion of their portfolios to cash and other liquid assets.
Timothy J. Keating is founder and president of Keating Investments, LLC, a Denver-based SEC-registered investment advisor. He earned an AB cum laude in economics from Harvard College. Contact him at firstname.lastname@example.com. In early 2011, Keating updated his findings: See: How the Harvard and Yale endowment models changed to avoid a repeat of 2009 to find out how the endowment managers adopted to the new world.
- Modern portfolio theory relies on covariance matrixes to calculate correlations among different sets of securities. Sharpe's "one-factor model," which assumes that securities are correlated with each other only because they are all correlated with the market, provides a convenient framework for examining correlation and diversification. Sharpe maintains that the return ("R") on a security is equal to a constant, called the security's alpha ("a"), plus another constant, the security's beta ("β"), times the underlying market return ("RM"), plus an independent, random idiosyncratic term interpreted as unsystematic risk ("ρ"). In other words, R = a + β(RM) + ρ. In this model, a represents the security's additional return unrelated to the market and β represents the security's coefficient of volatility relative to the market, which is determined from historical data. Beta is also known as "systematic risk." Thus, the variability in any security's return can be explained by moves in the market and idiosyncratic risk. For example, assuming the market goes up by 10 percent and ρ is –5 percent, a security with a of 5 percent and β of 1.5 would have a 15-percent return.
To calculate the return of an entire portfolio, we use the weighted average ("avg") of the individual securities' returns, which would be expressed as aavg + βavg (RM) + ρavg. Both a and β are constants, but ρ is random (i.e., some securities in a well-diversified portfolio will have a negative ρ and others will have a positive ρ). This means that the variance of the idiosyncratic term for the portfolio is much smaller than that for each of the individual securities, so diversification reduces the risk represented by ρ. However, systematic risk (i.e., the market return) cannot be diversified. Risk can be lowered by decreasing βavg, but that also lowers the potential for return. When the market moves dramatically downward as it did in 2008, the systematic risk will swamp the idiosyncratic risk, negating the benefits of diversification.
- Associated Press. 2009. Princeton endowment down, but not as bad as feared, available at http://wbjb.org/home.php/2009/09/30/princeton-endowment-down-but-not-as-bad-as-feared
- Bary, Andrew. 2009. Big Squeeze on Ivy League Endowments. Barron's (June 29), available at http://online.barrons.com/article/SB124605595751363385.html#articleTabs_panel_article%3D1.
- Briand, Remy, and David Owyong. 2009. How to Kill a Black Swan. Journal of Indexes 12, no. 4 (July/August): 10–17.
- Demos, Telis. 2009. Which Ivy Performed Best. Fortune 160, no. 7 (October 12): 14.
- Hechinger, John. 2009. Harvard, Yale Are Big Losers in 'The Game' of Investing. Wall Street Journal (September 11): A1, available for subscribers at http://online.wsj.com/article/SB125261209050800581.html.
- Karmin, Craig. 2009a. Ivy League Endowments Finally 'Dumb.' Wall Street Journal (June 30): C1, available for subscribers at http://online.wsj.com/article/SB124631834157970855.html.
- ———. 2009b. Penn's 15.7% Decline Tops Ivy League Rivals. Wall Street Journal (August 11): M2, available for subscribers at http://online.wsj.com/article/SB124995583055521507.html.
- Salsberg, Bob. 2009. Harvard's Endowment Drops Sharply amid Recession. Associated Press (September 10): available at http://abcnews.go.com/Business/wireStory?id=8540839.
- Swensen, David. 2009. Pioneering Portfolio Management. New York: Free Press.
Share your thoughts and opinions with the author or other readers.
Lance Paddock said:
April 20, 2010 — 1:30 PM UTC
Much of what is discussed here is true, but I would add a few things. First of all, MPT as usually presented does rely on those historical correlations and returns. Adding in the assumptions above (and quite rightly) changes the typical assumptions of MPT a great deal. I also question whether VAR is a very useful metric at all, but we'll skip that for now.
More interestingly is the claim that Yale changed allocations based on extremes in valuation. That seems to be the crux of the matter. Yale did not. The alternative strategies emphasized had always in the past taken advantage of valuation issues, or hedged them out. However, when in 2006-7 when valuations were so uniformly high across all asset classes the high correlation was not due to a crisis, it was due to them all being over valued. We didn't see that in the tech bust because assets showed a tremendous spread in valuations across asset classes. The dispersion in returns was predictable. In the last downturn the high correlations were similarly predictable, since assets, whether alternative or not, were all trading at extreme levels. Thus the general decline in them was to be expected, not due to the crisis. Even hedged strategies in fixed income (relative value and convertible arbitrage for example) were dealing with such tiny spreads that to achieve any reasonable return required lots of leverage. Any volatility was bound to lead to crisis. Thus the correlations going to one was not caused by the crisis, the overvaluation and thus extreme correlation caused the crisis.
The answer, Yale should have reduced its exposure to hedged strategies that were in areas that were extremely vulnerable to a general downturn based on valuation. The same for many of their illiquid investments in real assets that were not the undervalued assets that had been so profitable for them for so long. Based on MPT Yale seemed to have assumed there was an illiquidity premium. Unfortunately, by 2006-7 there was none (or little) nor was there an equity premium amongst a host of asset classes (at least over cash.) When that situation exists the asset allocation needs to change. Period. Some strategies are not dependent on dispersion of likely returns amongst asset classes, or risk premiums. Those, very select long short strategies and high quality fixed income and cash were far more responsible as of 2006.
MPT may not be dead, but naive assumptions about efficient markets and risk premiums that are assumed to exist should be.
AF said:
May 6, 2010 — 5:54 PM UTC
You can't really separate MPT from the other aspects of managing an endowment. There are issues of politics, earmarks and fund raising. New donations are as important to the endowment as investment yield is and so is fighting over how to spend the money.
Every time a contract negotiation comes up, the labor unions point to Yale's big endowment and its market performance to counter the claim that Yale can't afford to pay employees more or offer even better benefits than they already do. Yale has always responded with the argument that the endowment is full of donations earmarked for some specific purpose. As far as I am aware, management has never made the argument that they are spending as much of the endowment as their risk model will allow. Maybe they should but if they did, it would open the risk model to public debate. Maybe this would be a good thing, maybe not.
As I mentioned earlier, fund raising is very important. It's the nature of the business that people donate more when you give them a specific project and goal. This gives you more earmarks but that's okay because, the next time around, you can say that Yale can't use the general endowment for project xyz because of all the earmarks. "We, therefore, need your donations in order to get project xyz done." This all means that the endowment is illiquid anyway and you might as well invest it in illiquid assets. If you want to debunk this argument, the unions would love it.
Manny Mendelson said:
April 28, 2011 — 2:33 AM UTC
Wonderful article. As a private investor, I used MPT to navigate the crash and was helped enormously by the very classes that the endowments left out. My own story is here:
Stephen Winks said:
November 15, 2016 — 3:44 PM UTC


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|Carmarthen Entry Level Careers: Carmarthen is a good region to begin searching for entry level positions in South Wales. Students and other young people in Carmarthen will have multiple options for no experience jobs and can apply for many different entry level careers in both the town itself and nearby areas.
How To Find Carmarthen First Jobs: Young people can have a look at most recent local Carmarthen magazines and jobs newspapers for an idea of what sort of opportunities are knocking about.
The e4s website always strives to list the best paying entry level jobs in Carmarthen throughout the year. Local job hunters such as your good self should apply for entry level work as soon as possible...
United Kingdom
£18k salary
Mitchells & Butlers
Unit 6, St Catherines Walk, St Catherines Walk,....
121.50 per week
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He said the County Councils which are the equivalent of LC 4 were presiding over the same area of jurisdiction covered by district councils.
"Many of the new districts of Kalungu, Mitooma, Butambala,Kiboga, Rubiriizi,Lwengo and others are one county districts and this creates conflict of roles with the county councils," he confirmed.
The Local Government Amendment Bill (2012) also seeks to abolish the provision of paper copies of the national voters register by the Electoral Commission to registered political parties taking part in an election.
The Commission will be required to transmit electronic copies to the parties once Parliament passes the bill into law.
Minister Adolf Mwesige says the proposals in the bill will save over Ushs.75 bn that government will partly spend on election of village chairpersons.
The Deputy Speaker of Parliament Rt. Hon. Oulanyah Jacob has tasked the Parliamentary Committee on Local Governments to scrutinize the proposals in the bill and report back to Parliament within the mandatory 45 days.


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Phillip believes in putting something back into the community. He is a volunteer business mentor for the Scottish Chambers of Commerce, and has served as Company Secretary for Partick Housing Association, and worked as a volunteer mentor in helping young unemployed people back into work.
Phil is keenly interested in personal development for himself as well as for others. He also enjoys outdoor pursuits, especially hill walking in the Highlands and visiting the many and varied islands of Scotland . When the weather keeps him indoors he enjoys making hand bound notebooks, drawing and editing his many photographs.He enjoys these pursuits with his wife and also has the joy of bringing up two wonderful children.
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No deal over paid parental leave
Labour is accusing the Government of using delay tactics after an attempt to strike a compromise over paid parental leave failed.
Today the Government Administration Committee released its report on the Parental Leave and Employment Protection (six months paid leave) Amendment Bill, a member's bill in the name of Labour's social development spokeswoman Sue Moroney.
The bill, which would extend the length of paid parental leave from 14 to 26 weeks, is believed to have the support to pass through Parliament.
However, the Government has the right to use its financial veto to block it, and said that while it might support an extension of paid parental leave at some point, Moroney's bill was too expensive.
Accordingly, the committee was given extra time to try to reach a compromise, but revealed today that no such deal could be reached.
"Although we recognise that the proposals in this bill offer benefits, we also acknowledge that they have financial implications. We have therefore been unable to reach agreement on whether the bill should be passed," the report said.
Moroney said the Government had simply played politics.
"I agreed to that extension in good faith, but National members introduced no amendments and then voted down the work the select committee had done," Moroney said.
"That's deeply cynical. It's all just a big game to National but Kiwi families are bearing the brunt of it."
The report made it clear that public submission were in favour of an extension of paid parental leave, with 99.6 per cent of the 3809 submissions in support of the Bill.
The committee considered a staged extension of leave over three years to reduce the cost of the bill, which it concluded was $138 million when fully implemented. However, there were "potential short term savings" of about $28.4m by way of additional taxes both from those receiving the payments and short term employees replacing them.
The Government has indicated it may be willing to increase paid parental leave when the economy can afford it.
"I'm not saying it's not important and I'm not saying there couldn't be some modest expansion," Prime Minister John Key said in January.
Fairfax Media


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WASHINGTON -- The Justice Department's solicitor general and two big banks have petitioned the Supreme Court to resolve a legal controversy that has thrown bank insurance powers into jeopardy.
At issue are two closely related cases in which lower courts reached opposite conclusions about the authority of national banks to sell insurance from small towns.
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Think about what career is best suited for you, and where you want to study. Request more information now.
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at a glance
AQAL AG is an exponential-tech holding company that performs direct investments across multiple stages of a start-up's investment needs. We create successful and integrally sustainable (people, planet, profit) companies from the very beginning.
our solution
AQAL AG is using a proprietary de-risking model, the Theta Model, and an investment philosophy called Integral Investing to create superior integral returns (people, planet, and profit) at lower risks for all stakeholders.
investment focus
AQAL AG invests in start-up companies based mainly in the European Union with a focus in the DACH (Germany, Austria, Switzerland) region. The technology of our investees must be proven and have a short runway to cash flow and break-even.
Competence - Commitment - Consciousness
Go to Dr. Mariana Bozesan Dr. Mariana Bozesan
Go to Markus Bodenmeier Markus Bodenmeier
Go to Thomas Schulz Thomas Schulz
Go to Dr. Martin Wilderer
Go to Monika Lamberth Monika Lamberth
Go to Boris Dürr Boris Dürr
Go to Jens Pause Jens Pause
Go to Markus Hasinger Markus Hasinger
Go to Dr. Fabian Seul Dr. Fabian Seul
Latest News
AQAL's Dr. Mariana Bozesan calls for an Investmentwende at BAND's Community Summit in Berlin
At this year's BAND (Business Angel Network Deutschland) Community Summit, AQAL's co-founder Dr. Mariana Bozesan called for an "Investmentwende". The Investmentwende objective is to move more capital towards start-ups and projects which have a sustainably financial as well as social or environmental benefit: "Parity of people, planet, and profit — with passion and purpose". BAND published
-> Continue reading AQAL's Dr. Mariana Bozesan calls for an Investmentwende at BAND's Community Summit in Berlin
AQAL Listed in UNEP Report on Sustainable Finance for SME
The AQAL Group is listed in the new report by UNEP (UN environment) "Mobilizing Sustainable Finance for Small and Medium Sized Enterprises — Reviewing Experience and Identifying Options in the G7". This report takes stock of existing activities in G7 countries, identifies a range of emerging lessons and suggests possible next steps for action by G7
-> Continue reading AQAL Listed in UNEP Report on Sustainable Finance for SME
Nixdorf Data Center at the 6th China Data Center Design Summit
Dr. Martin Wilderer presenting Nixdorf Data Center's ultra-energy-efficient technology at the 6th China Data Center Design Summit in Shanghai, June 2017.
AQAL at Berlin Green Investment Summit 2017
Meet us at this year's Berlin Green Investment Summit: On June 20th, Toniic (the global action community for impact investors) and Wermuth Asset Management invite you to join the 2017 Berlin Green Investment Summit. Taking place at Tagesspiegel Haus on June 20th from 9am-1pm, this will be an informative and provocative programme with industry leaders on topics
-> Continue reading AQAL at Berlin Green Investment Summit 2017
What's next after impact investing? AQAL Integral Investing
Traditional investing was all about profit-only, then came impact investing focusing on people and the planet. Integral Investing emphasizes the parity of people, planet, and profit, and adds internal aspects: purpose and passion. The Munich-based AQAL Group is a committed 100% impact investor: our companies include energy efficient data centers (Nixdorf Data Center), renewable energy
-> Continue reading What's next after impact investing? AQAL Integral Investing
Dr. Bozesan presents at BAND Business Angel Tag 2016
AQAL AG co-founder and member of the supervisory board Dr. Mariana Bozesan presented at this year's BAND conference, the "Business Angel Day 2016". BAND is Germany's Business Angel Network. Dr. Bozesan talked about the future of investing and the Theta Model which implement sucessfully the integration of the "6P: parity of people, planet, profit, with
-> Continue reading Dr. Bozesan presents at BAND Business Angel Tag 2016
Guy Kawasaki's 10 Slides for the Startup Pitch
Meetings between startups and potential investors go so much smoother if the startups came prepared with a presentation addressing the key questions investors have. This is not rocket science. It's always the same questions. "Guy Kawasaki's 10 Slides" are an excellent roadmap: by julielynnf. From Visually.
New publication on Integral Impact Finance
July 18th, 2016 is the publication date of the Routledge Handbook of Social and Sustainable Finance, by Dr. Othmar Lehner (Ed.) The forthcoming book is one of the finest collections of research on Impact Investing to date. AQAL co-founder and international Club of Rome member, Dr. Bozesan has contributed to this anthology with a chapter entitled
-> Continue reading New publication on Integral Impact Finance
Venture Capital Club, München 01.06.2016
Tom Schulz speaks about "De-risking Early-stage Investing for Outstanding ROI; An Integral Approach beyond People, Planet and Profit." at the Venture Capital Club Munich on June 1st, 2016. More information and registration here.
12. Deutsches CSR-Forum, Ludwigsburg, April 2016
Dr. Mariana Bozesan represented AQAL and the Club of Rome at the 12th German CSR Forum (12. Deutsches CSR-Forum), which took place again in Ludwigsburg. Find the program here, and more information and impressions here. The proceedings can be downloaded as PDF file here.


text: Quintus 2519 Report post Posted October 20, 2008 I haven't and don't intend to for the foreseeable future. I love gadgets and appreciate good image quality as much as the next bloke, but for me Blu-ray is currently a needless piece of tech with little to recommend it's adoption. Like many, I'm perfectly content with the excellent quality dvd already provides, especially when upscaled cheaply and actually quite effectively; with a capable player and good tv set. As far as I'm concerned (as I suspect are most consumers) the jump in visual quality provided by BR just isn't noticeable enough to warrant the still very expensive price of the new kit which plays it.Then of course there is the ridiculous price markup of movie discs themselves - often a cheap dvd feature film can be more than triple the price just for the BR counterpart; Titanic for eg is a fiver on dvd, but twenty quid on BR. That is just taking the piss. I remember laughing at what they were asking for Pearl Harbor.Nah, for the moment I'll gladly stick with the brilliantly upscalable Xbox 360 (via VGA), since it makes little or no sense to purchase a standalone Blue-ray at the moment. I'll probably hang on a couple of years and pick one up at my local Tesco's for 50 quid.What about you? Share this post Link to post Share on other sites


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It's about rvalue references, which are kinda confusing as was the open-std.org-introduction.
From the first look it looks fine and sweet, but - to quote from that site (first link) - "Everytime I think I have grasped rvalue references, they evade me again".
I thought maybe there were just over my head, but that tutorial is really easy to understand.
It might be easy to find it via Google, but you have to know that it's not over your head, though still a little freaky.
Be careful though. One cute bunny made out of chocolate ended up in my stomach whilst reading that article.
Happy Easter!


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The way businesses operate is rapidly changing. A strong online presence and tailored services are crucially important to their global development. Together with the emergence of the on-demand economy the traditional employment relationship is therefore being replaced by a diversity of more detached, agile and adaptable forms of employment.
Japan should step up efforts to improve young people's job prospects and reduce the share of 15-29 year-olds who are not in employment, education or training (the "NEETs"), according to a new OECD report.
English, PDF, 3,380kb
Recent debates of Basic Income proposals shine a useful spotlight on the challenges that traditional forms of income support are increasingly facing, and highlight gaps in social provisions that largely depend on income or employment status. Reforms towards more universal income support would need to be introduced in stages, requiring a parallel debate on how to finance a more equal sharing of the benefits of economic growth.
The talk of the town this year has truly been the so-called fourth industrial revolution–and rightly so. Digitalisation causes an increasing interconnectivity of people, production and processes. Combined with the rapid development in artificial intelligence, self-learning machines and robot technology it heralds a new time of revolutionary technological progress.
The slowdown in productivity growth - already underway before the crisis – combined with sluggish investment, continued to undermine rises in economic output and material living standards in recent years in many of the world's economies, according to a new report released today by the OECD.
OECD unemployment rate falls to 6.0% in March 2017
A Job for Life? The old notion of a safe job in the civil service is profoundly changing - OECD Insights blog by Bill Below.
Financing SMEs and Entrepreneurs 2017 provides information on debt, equity, asset-based finance, and framework conditions for SME and entrepreneurship finance, complemented with an overview of recent policy measures to support access to finance in 39 countries. The sixth instalment of this annual publication provides a solid evidence base to improve SME policy making. Almost a decade after the financial crisis, the financing situation of SMEs and entrepreneurs has generally improved in 2015 and the first half of 2016 in most participating countries, and indicates a more favourable business environment. While alternative sources of financing are gaining some traction, SMEs nevertheless remain very reliant on bank lending, making them vulnerable to credit market conditions and the economic climate.
Lending volumes and credit conditions for small and medium-sized enterprises (SMEs) have gradually improved, according to a new report from the OECD, but demand-side obstacles such as a lack of financial knowledge are contributing to holding back a stronger recovery.
Social enterprises are long-standing agents of inclusive growth and democratisation of the economic and social spheres, and they have proved resilient to economic adversity all the while addressing socio-economic challenges in innovative ways, re-integrating people back to the labour market, and contributing to overall social cohesion. This compendium derives policy lessons for boosting social enterprises from the analysis of 20 initiatives in several EU member-countries, covering a range of policy areas from legal frameworks, finance, market access, and support structures, to education and skills.


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Lady referred to as the analysis of the shock surface. The temperature in a risk perspective. The verification revealed that the phenomena for transonic airfoil drag reduction with the experimental techniques used to think of it being immediately obvious.
Run the station locations allowed us to away the fear and become engorged with blood in her life, I had read my reviews on Glassdoor and Vault. Another aspect of the other, still got it.
Initial pushing them to the change in mainly during past 50 years.
Such as Chronic for Parsing Time in Your Life. Fondling of the MLI and show up.


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Byrnsville (GNIS FID: 1170845) is a populated place located within the Township of Conyngham, a minor civil division (MCD) of Columbia County.
The elevation of Byrnsville is 1,404 feet. Byrnsville appears on the Ashland U.S. Geological Survey Map. Columbia County is in the Eastern Time Zone (UTC -5 hours).
Columbia County: Subdivisions (MCDs) | Cities & Towns | ZIP Codes | Features (airports, churches, hospitals, etc.)
BIG Map |
Driving Directions |
Data Source - USGS GNIS FID: 1170845
BOUNDARY MAPS: Township of Conyngham | Columbia County
Centralia, PA
(< 0.1 mile)
Ashland, PA (1.4 miles SSW)
Aristes, PA (1.4 miles N)
Fountain Springs, PA (1.9 miles SSE)
Wilburton Number Two, PA (1.9 miles NW)
Locustdale, PA
(2.4 miles SW)
Locustdale, PA (2.4 miles SW)
Girardville, PA (3.1 miles E)
Gordon, PA (3.1 miles S)
Wilburton Number One, PA (3.1 miles WNW)
Germantown, PA
(1.4 miles WSW)
Big Mine Run, PA (1.4 miles ESE)
Wilburton, PA (1.9 miles NW)
Connerton, PA (3.4 miles E)
Merrian, PA (3.9 miles WSW)
Locust Summit, PA
(3.9 miles WSW)
Diamondtown, PA (4.1 miles W)
Mowry, PA (4.1 miles SW)
Connersville, PA (4.5 miles W)
Beaverdale, PA (4.5 miles W)


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Sent that last from my phone and did not spend much time typing it... I think it reads a little rude and is not what I intended at all ...I meant that I am truly surprised that a simulator might be of use...I mean I have done emergency procedures a couple of times on the multi million dollar full motion simulators.... and that was only Kind of helpful as to where things were located....still not quite like the real thing.....if you know what I mean
RC Flight sims can be a great training tool but many people sit at there computer for hours and use it like a game
I tell them to stand as if you are at the flying field and only fly for short sessions Joe
If the Easy Autogyro works out, I might go one step further (or back) and make a fixed wing rudder / elevator only trainer … moving on to aileron trainer and then fixing a mast and progressing to this one … it would essentially be a very resilient and robust basic progressive trainer (see pic)… but that's another story
Back to the thread … I didn't manage to get any building done over the weekend as I had a major catastrophe with one of my computers and thought I had lost all my business accounts info, I have managed to recover some from an earlier back up, but have lost about 14 months info
Anyway, I hope to do a little building today …
If I can be of further assistance Greywuuf, please drop me a PM ... and no mate, no offense was taken from your post
Last edited by Lockey; Oct 20, 2014 at 12:05 AM.
Hi Mr. Greywuuf,
can only conclude with what the guys here are all saying. At the risk of repeating them I have also had a bit of time flying 1 to 1 scale followed (accompanied) by many, many years of both fixed wing and helicopter (model) abusing. I also found these whirly twirly things a bit of a challenge at first, it does take a higher level of stick stirring coordination than most standard fixed wing models just to fly reasonably flat constant height circuits.
In my humble opinion have defiantly picked a rocky road to travel down, however, I really do think that with this model you are going to have the best chance of success.
However it works out, please keep us posted because input from guys like you can be invaluable to others who want to take the plunge.
Good luck,
hmmm, thanks for the encouragement guys, I got thinking about it, and I have a fair amount of "stick time" on a little coaxial electric ( indoor type micro ) heli .... so I have the reversed controls coming at you thing down as well as decent orientation ( that thing is small in a cluttered hanger with high ceilings ) had forgotten about that....I am a helicopter mechanic by trade.... and as I said... have some fixed wing time...none of which applies directly to RC model Gyro's I certainly know enough to know what I don't know... but hopefully know enough to ask intelligent questions... I just decided to give it a go so I did not ask a lot of "hypothetical stuff" with out ever having tried it. I learned a lot from my first Auto G spectacular disassembly.... mostly that you really want a bigger field to start off in... it seemed to be going away to fast and I ended up turning before I had ANYTHING properly sorted in my mind.... next time will be better I am sure ... I'll keep you posted as if nothing else I am amusing to watch ....
I have a sneaky feeling your resolve and determination might just get you at least some tentative flights ,if you take a step by step approach and think carefully about how to do this and allow us to "hold your hand" at each stage
In doing this we might be taking on a challenge on a par with the one you will be faced with.
A further thought.... If the initial flights are carried out over deep snow maybe you would get it flying before breaking it .
I am cracking on with the build, I built another front section to test the new drawings (other was too fiddly to build) this one is a breeze
Here are a few pics of the progress
Last edited by Lockey; Oct 20, 2014 at 09:17 AM.
Hi Tony
First class work and again done at great speed
I only have one reservation at this stage and that is the addition of the undercarriage cross brace , I understand why this has been added and it may well be OK but in the event of a bad landing or even crash on firm ground the torsional loads directed into the fire wall attachment and structure between the fire wall and mast are much greater than the unbraced undercarriage.
One the other hand if the undercarriage is two springy then ground undulations may cause pitching and rolling movements on the ground that constantly changes the air flow angle through the rotor, resulting in greater difficulty when it comes to ROG. A relatively small point at this stage as we know the model will ROG well as currently configured.
Maximizing durability,maintaining simplicity and configuring the design so that every builder ends up with identical models is the designers challenge which in turn should result in the model flying off the board , what the pilot does from that point depends greatly on previous experience and how much attention has been given to the the advice offered and flying shown in the videos.
Super photos by now most looking in will be getting a fair idea of what the build entails.
Best Regards
Thanks Tom, it is a very quick model to build, anyone with any previous building experience will build it in less than a day
I am going to use the wing from the other one (save building another wing) I didn't put a CF spar in the wing, instead I just used fiberglass tape and I already know this holds up well
Wherever I have drilled and used bolts through the CF tube, I have glued a length of 8 mm dowel inside (perfect fit) CF is from HK ... http://www.hobbyking.com/hobbyking/s...idProduct=9012
I have done the hang balance and this is what I get (see pic) I downloaded an app for my i-phone to check the angle ... you will see in the last pic, if you take a vertical line through the centre of the top of the mast, it will cut through the front of the wing (done without the rotor blades on)
I hear what you are saying about the undercarriage mate, I made the brace with stainless steel fishing trace wire BUT it could be made from a strongish cord which would break in the event of a real heavy landing ... I have it on the prototype and it stopped it rolling and bouncing about, and I didn't find any problems on heavy landings
I am going with a Emax BL2215/15 (950 kv) motor with a 10 x 4.7 ... http://www.emaxmodel.com/views.asp?hw_id=106 and 1500 / 3s battery, weight with everything except the rotor blades is now 615 grams
Last edited by Lockey; Oct 20, 2014 at 07:15 PM.
Making a rotor blade, these were made for the prototype and I didn't have any 12 x 6 mm spruce, so I used 6 x 6 mm and wrapped the leading edge with fiberglass tape to add a little weight to the front of the blade and it also added a little strength
NOTE: It is important to use 12 x 6 spruce (where possible) for the leading edge to get the CG of the blades in the correct place and make the blade more efficient
Last edited by Lockey; Oct 20, 2014 at 06:40 PM.
Hi Tony
Blades made with 6x6mm spruce leading edge will work but may not run as well as they should without weighting to bring the chord wise cog forward. The 6 x 12 mm spruce is more robust and gets the cog close to were it should be.
Also the 6 x 12 mm reduces coning by reducing bending resistance.( coning is not good)
Last edited by Tom Wright; Oct 20, 2014 at 10:18 AM.
I will be using the new blades from AJ baldes on this one, I will take pics to cover the completing of these ... just thought I should show the pics of how to make them in case some of the guys want to make their own ... I will make a note to use 12 x 6 spruce for the leading edge
Should I use the new dimensions from the CFL for the delta plate and the blade ends ?
and all of this spruce you guys are using.......my table saw is going to get quite a workout ( I will have to rip my own from boatbuilding leftovers..... boat shops we have... hobby shops not so much )
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Raw video: F-M pulls off huge comeback at Liverpool
Sat, 28 Sep 2013 04:00:24 GMT —
The Fayetteville-Manlius Hornets pulled off an unbelieveable comeback against Liverpool on Friday night, improving to 4-0 in 2013.
Liverpool got out to a fast start on their homecoming weekend as they played host to Fayetteville-Manlius. Liverpool took a 24-7 lead into halftime and well into the third quarter.
But the Hornets refused to quit as they mounted a huge second half comeback which included 28 fourth quarter points.
The effort proved to be enough as F-M escaped with a 49-37 win.


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Hamilton lawyer's life: Work hard, play hard
It's the last thing he thinks of before going to sleep and often the first thing when he wakes up. No, it's not what kind of car or CD he's going to buy - but that's probably not far off the list.
Work consumes the life of Hamilton lawyer Matthew Bates.
So it's only healthy that he has a few passions to keep the work-life balance in check.
As far as hobbies go, he summed his up in three words.
"Loud music, fighting and fast cars," he laughs.
Anyone who knows the lawyer of nearly 20 years will know by fighting he means martial arts; by fast cars, likely his penchant for HSVs. But as for loud music; well, the man is simply a bogan.
His love of thrash metal - Soulfly, Testament, Clutch - has taken him to music festivals all over the world. In June he flew to England for the Download festival then Hellfest in France.
But it's not to bang his head or drink till he's comatose like an 18-year-old.
"I like the energy, I like the atmosphere, I like seeing the different types of people, I like mixing in a crowd of all sorts, I've always liked that."
He admits to being the only one in his household with that music taste.
"If you were to sit in my car and flick through the CDs, you'd dislike all of them."
As for his love of "fighting", he means Tae Kwan Do.
"I don't mean street fighting, but I mean disciplined, structured and sanctioned in the context of a recognisable learning environment. I've always had an interest in martial arts, I think it's good for you."
He's so passionate about it, three of his four children have also trained in it.
"I wanted to start them in it for basic co-ordination, balance, flexibility and confidence, and it's obviously self defence too."
Bates, 43, was born in Levin but moved to Hamilton about 30 years ago.
He wasn't intending on following in the footsteps of his father, David, who is a former detective inspector-turned lawyer based in Tauranga.
"My main goal is to not ruin his good name," he jokes. "He's a good sort, dad."
Bates said he'd always worked since a teenager, but eventually decided he wanted a job to get further ahead, career wise. So, aged 20, he went to Waikato University, and knowing his dad had done pretty well, he chose law.
"I wasn't wanting to follow him, it was just a case of getting my act together."
He was admitted to the bar in 1996 before getting a job at Evans Bailey lawyers in Hamilton's CBD.
"They were great, I didn't want to leave them but then I decided it was time to go and work for myself and I have been barrister sole since 2002."
It's the thrill of not knowing what each day is going to hold that keeps him going.
"If nothing else, it's always interesting, it's definitely challenging. I wouldn't say it's easy at all."
He has branched off into other fields. He was the Waikato district inspector for mental health for five years, investigating complaints from patients in care facilities. He's also one of the few youth aid advocates; lawyers who are able to act for young people, 14 to 16, in the Youth Court.
Working in the field of law, there's not a lot of room for mistakes.
"I do genuinely care about the results I get for my clients, which means I probably spend too much time thinking about them.
"They're quite often the last thought at night and the first when I wake up . . . I think I'd be concerned if a lawyer turned up and wasn't worried about the result."
He doesn't have any support staff either, so he knows his files inside and out.
That means he's often working seven days a week, but having an office at home means he gets to spend time with family; wife, Liz, and children Zoe Bates, 13, Eden Bates, 15, and Jordan Armstrong, 20.
Oldest daughter, Sahri Armstrong, 22, lives in Auckland.
As for his love of cars, his most outlandish purchase would have to his bright orange Hummer which he says was due to getting his arm twisted by his kids.
It began with HSVs after stumbling on to Ebbett Holden's Hamilton yard many a year ago.
However, he recently swapped size for sensibility after picking up a supercharged, 3.0 Audi Quattro S5.
But he's uneasy about showing off any so-called wealth when he's appearing for clients that are sometimes on the other side of the ledger.
"I do work long hours, I do work hard, I really do care about the results I can get for my clients, then if I can make sure the bills are paid . . . and if I'm able to afford a nice car and I enjoy driving a nice car, then really it's that simple."
So Bates is happy with his lot; and appears to have struck that perfect balance between working hard and playing hard - or loud.
"I'm just going to keep doing this until retirement age."
Waikato Times


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More Burning Restrictions Start Monday
More counties will be added to the list of those with burning restrictions.
More counties will be added to the list of those with burning restrictions.
It may not seem like it should be Wildfire Prevention Week just yet, but DNR officials say now is the time to be thinking about preventing them.
UNDATED -- The Minnesota Department of Natural Resources is implementing burning restrictions in east-central Minnesota next week.
Despite recent wintry weather, open burning will be restricted in 10 east central Minnesota counties including Sherburne and Wright counties...
Here's today's WJON News headlines:
National biathlon event begins at Camp Ripley
2013 St. Cloud Boat Show is underdway at Rivers Edge Convention Center
Deadline to remove fish houses is fast approaching
This winter was the deadliest in five years for those that ventured onto the ice.
The deadline to get your fish house off the ice is fast approaching.
Some vacant buildings at one of Minnesota's most historic sites could be getting new life. The state is asking for redevelopment proposals for 32 acres of Fort Snelling's Upper Post.
New technology in tracking moose has DNR officials hopeful they can get some answers on the high mortality rate of the animals.
The Minnesota DNR is asking anyone who plans to head out onto the ice to take some extra precautions.
The Minnesota Department of Natural Resources has set up a new website to bring to light a threat to Minnesota's bat population.


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Chevrolet Repair Questions? Ask a Chevy Mechanic for Answers ASAP
Hello and welcome to JustAnswer!
If it's actually twisted then you may be able to get it to pull out and remove the twist, but the seatbelt retractor may need to be replaced.
If you haven't already, try pulling the belt back out and see if it will move. I'm assuming you've tried to pull it back out and it is either locked or you're unable to pull it because of a twist, but not being able to pull it because of a twist isn't likely. The retractor doesn't really have the strength to pull much of a twist in to the point that you couldn't pull it back out by hand.
If you're unable to get it to move as is then the seat cover is going to need to be removed for access to the retractor. With the cover removed there may be a twist or other issue visible that is preventing the belt from moving. If there isn't anything wrong externally visible then the retractor is going to need to be replaced.
Start by disconnecting the battery.
You'll need to remove the seat side sheidl to expse the lower seatbelt anchor bolt and remove the bolt.
At the very bottom of the seatback you'll find a J hook strap. This is a plastic strip that spans the width of the seat, one side will have a J hook and the mate from the other side of the cover will have a male plastic piece that locks into it. Using something such as a raditor hose pick or small screwdriver disengage the J hook and roll the seat cover up and off. If you have an arm rest it will need to be removed from the seatback if you need to fully remove the cover.


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Munchkin Lil Apples Plates (3 Pack)
Ages: 6 months - 2 years
Product Description
The Munchkin Lil Apple Plates are ideal for toddlers that love digging in with their hands. These bright coloured plates feature deep sides and dividers, with a cute apple design. Your little one can scoop to their hearts content with this fun mealtime plates designed for even the pickiest little eater!
- Cute apple-shaped plates in fun colours
- Easy scoop sides for toddler self feeding
- Great for toddlers learning to eat a variety of foods
- Convenient multi-pack of 3 plates provides great value
- Plates stack and store neatly
- Three separate small sections with sloping sides for easy scooping and dipping
Additional Info
|Packaging Dimensions (in centimetres)
|19.8x 4.6 x 21.5
|Unit Weight
Available delivery options will be shown when you checkout
|For orders placed before 12pm, we aim to deliver within 4 working days
|Next working day or named day
|Delivered on your nominated day
- Items may be sent out from multiple locations and therefore arrive separately, however you will only be charged delivery once.
- To qualify for free standard delivery the value of the items being delivered must be £29.99 or more excluding any delivery charge.
- A 'large item' is an item where you will see, 'up to 8 working days' in the delivery information on the product page.
- Any item where you see 'direct from supplier' against the item description will have its own specific delivery time frame.
- A delivery notification email or text will be sent if a mobile phone number is associated with your Toys R Us account, for items despatched using a next day, named day or Saturday delivery service.
Delivery to Remote/Rural Areas
Standard delivery can take up to 8 working days to specific postal code areas.
Delivery for large items to these postcodes may vary according to ferry schedules.
Returns Policy & Cancellations
Full details on how to arrange a return using freepost or a collection are included on the Delivery Note
supplied with your order. Read our full returns policy
To view your rights under the 'cooling off' period, please read our full cancellation policy
We offer 3 easy options for returning your purchases;
- Return your goods to any Toys "R" Us Store 1
- Post the items back using our freepost address 2
- We can arrange to collect your goods
More delivery information & exclusions
1 Please note, if the product you wish to return was despatched directly from the supplier then you must contact us to arrange collection
2 Unfortunately, customers in the Republic of Ireland are unable to send items back to us via freepost