September 16, 2011
To Veterans and Principals,
I’m attaching a copy of my speech to the NMS Investment Management Forum, presented to a packed house of some 400 endowment fund and pension fund officers in Washington, D.C., last Monday, September 12.
It includes a discussion of endowment fund investment policy; a comparison of endowment fund returns with the model index fund portfolio (50 percent stocks, 50 percent bonds) that I recommended 15 years ago in an essay for the Common Fund; and a forecast of future stock and bond returns. It also includes commentary about the risks involved in the greatly expanded use of alternative investments, now the dominant portion of endowment portfolios.
If these subjects interest you, I think you’ll enjoy the talk.
Jack
Note 1: On Monday September 19, I’ll be doing a full hour—from 1PM to 2PM—on CNBC’s “Power Lunch,” with Tyler Mathisen. We’ll be talking about current issues, including Vanguard’s growth and industry position, index funds, and today’s financial markets.
Note 2: The endowment fund speech, along with most of my other speeches, interviews, etc. have all been posted on my Bogle eblog—www.johncbogle.com.