# Professor David Yermack's joint research on the financial performance of major endowments is spotlighted

1 Faculty News December 11, 2018 ![CNBC logo](/sites/default/files/styles/246w/public/assets/images/uat_027305.jpg?itok=Ipx0jiaQ)>

Excerpt from [CNBC](https://www.cnbc.com/2018/12/11/study-shows-endowments-would-have-fared-better-by-buying-treasurys.html) -- "'In other words, the typical endowment fund would have earned substantially higher returns if its trustees had followed a simplistic investment strategy of holding 100 percent Treasury bonds and taken no equity market risk whatsoever,' economists Sandeep Dahiya and David Yermack wrote in a new paper."

[Read more](https://www.cnbc.com/2018/12/11/study-shows-endowments-would-have-fared-better-by-buying-treasurys.html)