> The first thing I want to point out, which I haven’t seen acknowledged enough, is how extremely, extremely minor the impact of a foundation’s investing decisi

> The first thing I want to point out, which I haven’t seen acknowledged enough, is how extremely, extremely minor the impact of a foundation’s investing decisions are on the companies it invests in. The irony is that individual company selection has an overall negative impact on foundation funds' returns. Asset allocation (beta) is so much more important than security selection (alpha) that it explains more than 100% of funds' returns.