What institutional funds should stop doing (If they’d like to make money, not excuses)

Institutional funds manage other people’s futures. Pension funds manage retirements. Insurance portfolios manage promises. Sovereign funds manage national wealth. Which makes it mildly alarming how often they resemble nervous day traders in better tailoring. Here is what they should not be doing—if positive, durable returns are the objective. 1. Stop hugging the index like it’s