WHAT DOES DUKE KNOW THAT YOU DON'T ABOUT INVESTING?
According to Duke Management Company, Duke's endowment has grown at an annualized rate of 17% over the past ten years¹, reaching $3 billion this year. In a study of investor behavior², Dalbar, Inc. showed that while the S&P 500 returned 13% per year from 1983-2003, the returns of the average investor were just 3.5%, barely keeping up with inflation (3%). What can you learn from an institutional process like Duke's that will add to your bottom line?

Come join the Duke Alumni Club Wednesday, October 5th, from 6-8pm for an educational seminar. The event will be held at The Radnor Hotel, in the Glenmorgan Bar & Grill. Guest speaker Patrick Nolan, Vice President of Merrill Lynch Investment Managers, will be speaking on what individuals can learn from the disciplines university endowments apply to investing. Merrill Lynch is sponsoring the event. There is no obligation; however, space is limited. Contact Duke Alum Sean Meakim at sean_meakim@ml.com to reserve your spot today! The Radnor Hotel is located at 591 East Lancaster Avenue, St. Davids, PA 19087.

¹Source: Duke Management Company. 10-years ending 12/31/2004.
²Source: Dalbar, Inc. July 2004.