The Financial Reasons for Abolishing Museum Boards

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Why do large non-profit endowments, like the Whitney Museum of Art, yield terrible returns? A scrapped portion of a study on the success of funds previously suggested that funds geographically closer to Wall Street performed worse than average, which Clark Filio speculates may be because of greed and recklessness. Since the money used by non-profit board members didn’t come from their own pockets, he thinks they’re more likely to spend it on risky financial products peddled by Wall Street fund managers.
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