The argument is that, with few exceptions, anyone operating at this size is basically going to hit average market returns. A couple of these Universities seem to have particularly gifted investment managers, but, even there it's debatable.
It's the same old story everywhere: Do you stick the money in a 0.2% fee index fund and ride the wave, or do you spend 20% of your returns on fees in the hope you're going to get lucky?
It's the same old story everywhere: Do you stick the money in a 0.2% fee index fund and ride the wave, or do you spend 20% of your returns on fees in the hope you're going to get lucky?