The Harvard Investment Advice?

Recently there is an article in The Economist on investments using university endowments.

The investment returns from the endowments keep beating the markets year after year at an average rate of 10.7%. The high-flyers include MIT (23%), Yale (22.9%), and Harvard (around 15%) are having returns that continuously defy the efficient market hypothesis.

Most people may conclude this phenomena is due to the advices and guidances from strong faculties in the respective universities.

Well, not quite...:

"According to one former Harvard official, its endowment fund has done so well because it has avoided taking advice from the economics faculty."

I find this both amusing and illuminating. The best advice is not to listen to any?

P/S: Original article is here, but it may not work because this is a paid subscription.