We interrupt the GM hearings for this brief moment of schadenfreude:
Harvard’s endowment has now blown through over $8 Billion, or 22% in the last four months.
Correct me if I am wrong, but wasn’t Harvard’s endowment outperforming the broad indices for a long time? And didn’t their Board of Trustees fire/replace/chase awayt hese outperforming managers because they were getting paid too much?
Let’s see, if this adds up:
Savings on fund management staff: $50 million
Losses on endowment fund: $ 8 billion and counting
Finding out the supposedly smartest college in the nation is run by idiots: Priceless.
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And that’s your “really really bad call of the day.”
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Sources:
Harvard Endowment Loses 22%
GERALDINE FABRIKANT
NYT, December 3, 2008
http://www.nytimes.com/2008/12/04/business/04harvard.html
Harvard Money Managers’ Pay Criticized
STEPHANIE STROMP
NYT, June 4, 2004
http://query.nytimes.com/gst/fullpage.html?res=990CE4D71231F937A35755C0A9629C8B63
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