Notes
The authors would like to acknowledge helpful comments from David Kreps and James Patell.
Paul Brest is former dean and professor emeritus (active) at Stanford Law School and faculty director of the Effective Philanthropy Learning Initiative at the Stanford Center on Philanthropy and Civil Society. He was president of the William and Flora Hewlett Foundation from 2000 to 2012.
Mark Wolfson is a founder and managing partner of Jasper Ridge Partners, a wealth management firm, and president of Jasper Ridge Charitable. He is a research associate at the National Bureau of Economic Research and a former advisor to the investment committee of the William and Flora Hewlett Foundation. He is also an adjunct professor at the Stanford Graduate School of Business.
