David swensen is mad at mutual funds, and I don't mean just a little sore. They're greedy, he says. They abuse investors. They milk you for fees. Their ads manipulate past performance to get you to buy. You're not only getting rolled, you're getting lousy investment results. When you're up against most mutual funds, you "lose in a first-round knockout." Whew. Who is David Swensen and why should you pay attention to him? He's one of the most successful money managers in America today. In 20 years of running Yale University's endowment, he has outdone his peers, by far. His returns have averaged 16.1 percent a year, compared with 13.2 percent for Standard & Poor's index of 500 stocks. Together, his mix of investments-from stocks and bonds to real estate-have given him better returns with less market risk.
展开▼
