David F. Swensen, chief investment officer at Yale University – one of the college endowments hit so hard by the 2008-2009 crash that the university had to stop all new building – has come out with one of the most uninformed and misguided articles in support of the fiduciary standard (be careful, since this was published by the New York Times, you might be hit with a paywall).
It's so bad, it's ugly. It's so ugly, it probably has convinced a few supporters of the fiduciary standard to withdraw their support strictly out of the potential embarrassment of being associated with this Ivy league miscreant.
Remember, Swenson once bragged his "market-beating" investment prowess could not be duplicated by mere mortals, so the rest of us should invest only in index funds. Ironically, he lambasts the entire advisor industry, throwing the honest fiduciaries into the same pool as the brokers. One wonders, did the Times have its business editors vet this?
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