From Dr Arthur I. Cyr.

Sir, John Train’s column “The heresies and swamis that can hurt your profile” (FT.com, June 28) was interesting and educational, but unfairly slammed McGeorge Bundy for allegedly urging a very risky approach to investment during his tenure as president of the Ford Foundation from 1966 to 1979. In fact, he urged academic and non-profit institutions to focus on total return in an age when many were reluctant to move beyond bonds. Total return was a good general guide to surviving the stagflation of the 1970s.