He makes a good point about paying tens in millions in fees to outside investment managers. Their fees are never worth it. I would imagine the entire investment management team could be a group of 5 people with investment experience who decide how to allocate the money into different Vanguard funds. Returns would be the same, maybe higher when you take out the 1-2% that management is taking out and putting into their own pockets.
Why pay five salaries when you could follow Nevada's state pension fund management strategy and have one guy whose job description is almost entirely telling people he's not interested in making changes?
