What’s worse, is that Harvard was paying its funds managers millions to come up with these methods. Whilst Harvard is clearly 1 of the premier academic institutions in the planet, this status does not give it the capability to beat the marketplace. Other institutions (I’m searching at you NC Pension Fund) would do well to learn from this.

Sorry, I missed your reply – OK I sort of see what you are acquiring at, but I never believe that is really what happens. I think what banks do is take money from danger averse folks and give it to gamblers. The individuals are in fact diverse individuals. The Museum is a non-profit organization that depends on the support of corporations, foundations and men and women like you to preserve, exhibit and teach the public about finance and economic history.

I am a Professor of Finance at the Stern College of …