# Professor David Yermack's joint research on nonprofit endowments' investment returns is referenced

1 Faculty News April 22, 2019 ![](/sites/default/files/styles/246w/public/assets/images/con_031098.jpg?itok=yFMQ6ezg)>

Excerpt from [Herald Tribune](https://www.heraldtribune.com/news/20190422/buffetts-2018-shareholder-letter-fees-matter-when-youre-investing-forever?rssfeed=true) -- "...a recent study authored by Professors Sandeep Dahiya of Georgetown University’s McDonough School of Business and [David Yermack](https://www.stern.nyu.edu/faculty/bio/david-yermack) of New York University’s Stern School of Business analyzed the returns of 28,296 nonprofit endowments from 2009–2016. They found the median return for the eight-year period across 28,000-plus organizations to be 3.75%, while a 60% domestic equity/40% Treasury bond construction delivered 9.28%."

[Read more](https://www.heraldtribune.com/news/20190422/buffetts-2018-shareholder-letter-fees-matter-when-youre-investing-forever?rssfeed=true)