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FYI: The Harvard Management Co., which oversees Harvard University’s endowment and other investments, just released its 2016 annual report. Its grim reading: the fund had a negative return of 2 percent and was worth about $2 billion less than a year earlier, underperforming its benchmarks by a pretty significant margin. Regards, Ted http://ritholtz.com/2016/09/harvard-endowments-gentleman-c/
it shouldn't be surprising that returns suffer. Investing luminaries such as Charlie Ellis, Jack Bogle and Burton Malkiel have argued for ages that simpler and cheaper is better -- and maybe less subject to the second-guessing of outsiders who think they know better. This is true even for $36 billion endowments like Harvard’s.
Many of MFO investors here can do much better than -2% this year.
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