Let me begin with a quote from the article:
“Some of the world’s sharpest investment thinkers, including Warren Buffett and Nobel laureate economist Eugene Fama, have endorsed the idea that most investors should track the market at the lowest possible cost. ”
Furthermore, the college will not replace the manager when he retires in June. The endowment management is so simplified that the team of volunteers can continue instead of hiring another person. Now that is low cost. Sounds like one example of a real life Occam’s razor.