I recommend that the Foundation amend its Investment Policy to limit investment in equities to no more than 10% of its assets, to be purchased only after the Foundation investments staff has at least three years experience in debt investment, with a requirement to hold all equity investments for at least five years after purchase.

Foundation staff would likely be among the best debt investors while simultaneously being among the worst possible equity investors because of the low volatility anomaly. Plus, with a large number of detractors, the Foundation could harm equity-poor investments indirectly. It would be like a visual editor for "Yo" with bronies versus brogrammers fighting over graphical styles when what people really want is adaptive rate voice buffering.

Please do not contribute to the perpetuation of the business cycle. Thank you.

Sincerely, James Salsman