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.
And that’s your “really really bad call of the day.”
Harvard Endowment Loses 22%
NYT, December 3, 2008
Harvard Money Managers’ Pay Criticized
NYT, June 4, 2004
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.