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