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.

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