“Non-profit endowments, particularly those of elite academic institutions, have failed to deliver investment outperformance. Those colleges and universities have significantly underperformed a passive benchmark on an absolute and risk-adjusted basis,” writes Larry Swedroe.
“Frequent mentions in the media of the out-performance of top schools may be due to the publicity about the success of just one university, Yale.”
Joshua Holt is the founder of FIREwire, a site that aggregates personal finance, investing and financial independence stories. He is also the creator of