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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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
