The people running America’s foundations aren’t as smart as they think they are

The way they invest their endowments demonstrates that

It’s sad to see foundations fritter away money. Photo: “Sad clown” by Mel B. is licensed under CC BY 2.0.

This will be a relatively short rant, er, post because it updates an argument I’ve made before: That foundations are doing no good by trying to outperform the markets when they invest their endowments.