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Why things fell apart

The Commonfund’s Lyn Hutton says chasing returns & an overreliance on diversification led investors into the abyss.

By Suzy Kenly Waite  Photographs by Dorothy Hong Is the endowment model broken? Lyn Hutton, chief investment officer of the Commonfund, doesn’t think so—but she does think institutional investors made some pretty dumb decisions that cost them dearly during the crisis. The endowment model, an investment philosophy for universities that gained

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