Windhorse is the successor to an entity established in the mid-1990s for purposes of administering an investment partnership funded originally by David Salem, his brother Richard, and their families.  Since that time, Windhorse has accepted capital from a small group of new investors while adding materially to the firm’s human and other resources, all with the aim of building a trusted and respected and hence enduring investment advisory firm capable of stewarding effectively both its principals’ personal capital plus substantial sums from outside clients.



  • 19+ year record of effective stewardship of wealth
  • Principals with verifiably successful experience in diverse areas of money management including CIO services, marketable securities (via both traditional and alternative structures), and private investments
  • Highly skilled team led by David Salem, founding president and CIO of The Investment Fund for Foundations (TIFF) as it evolved from a start-up in 1992 to a respected outsourced endowment management vendor stewarding $8+ billion of capital



  • Genuine open architecture comprising a carefully constructed blend of external and internal management that provides flexibility and cost-efficient diversification across asset classes, geographic regions, and strategies
  • Deep external manager relationships that enhance internal security selection and vice versa, generating synergies unavailable to open architecture firms that lack Windhorse’s direct investing capabilities
  • Owner-operators invested alongside our clients



  • Continuous focus on long-term results while paying attention to downside volatility or “drawdown risk” — the potential for peak-to-trough declines sizeable enough to transmute unrealized losses into permanent ones for cash flow or behavioral reasons
  • Sensitivity to all forms of slippage to which investment portfolios are subject, including applicable taxes
  • Proven commitment to craftsmanship — the application of ever-evolving processes and tools to the ongoing tasks of portfolio construction, manager selection, security selection, and related challenges