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BAM Intelligence

How to prevent clients from making a classic behavioral investing mistake

At some point, we’ve all had a client walk into the office and start a sentence with something like “I heard” or “I read.”

This happened pretty regularly after David Swensen wrote a book about his experience managing Yale’s endowment fund. For a while, the guy was everywhere, and more than a few clients wanted to know how they could “invest like Yale.”

It sounds like a great idea, right? Well, there’s a pretty big difference between an individual portfolio and an endowment fund. Most people skip that part and jump right to, “but he made a lot of money!” Why wouldn’t you do exactly what David Swensen did?

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Carl Richards

The BAM ALLIANCE

Carl Richards is the creator of the weekly Sketch Guy column in The New York Times and is a columnist for Morningstar Advisor. Carl has also been featured in The Wall Street Journal, Financial Planning, Marketplace Money, The Leonard Lopate Show, Oprah.com and Forbes.com. His simple but meaningful sketches served as the foundation for his first book, “The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money.”

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