Even more disappointingly, many academic papers have been publishing showing that mutual funds do not "beat the market," and that those that DO often fall behind soon after. According to Davin Swensen, the CIO of the Yale Univ. Endowment Fund, "a miniscule 4 percent of funds produce market-beating after- tax results with a scant 0.6% annual margin of gain."(Bogle 33) Of the tiny portion of funds that beat the market, they on average do so only