# Professor David Yermack's joint research on the performance of endowment funds is featured

1 Faculty News February 15, 2019 ![ETF.com logo 192 x 144](/sites/default/files/styles/246w/public/assets/images/etf192x144.jpg?itok=C8lTqgkn)>

Excerpt from [ETF.com](https://www.etf.com/sections/index-investor-corner/swedroe-when-endowments-lag?nopaging=1) -- "Dahiya and Yermack found that the performance of the typical endowment fund was so poor that it would have earned substantially higher returns if its trustees had followed a simplistic investment strategy of holding 100% Treasury bonds and taken no equity market risk whatsoever."

[Read more](https://www.etf.com/sections/index-investor-corner/swedroe-when-endowments-lag?nopaging=1)