David Swensen is easily the best money manager in higher education. He may be the best, period. In 20 years of running Yale University's endowment, which has $15 billion, he has delivered average annual returns of 16.1%--blowing away the typical college endowment's return of 11.6%. Swensen, 51, author of Unconventional Success (Free Press), spoke with TIME's DANIEL KADLEC on how mutual funds fail the average Joe, why Peter Lynch is misguided and how you should invest.
TIME Your book trashes the fund industry for its high fees and misleading ads and advises folks to stick with index funds. Didn't John Bogle...
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