nytimes.com - 12/3/2008
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The university’s endowment, the largest in the nation, has lost about 22 percent of its value as its U.S. and foreign stock portfolios have taken hits, school officials said. >
google.com - 12/3/2008
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google.com —
Harvard University says its endowment has tumbled $8
billion in the four months since the end of...
the last fiscal year. The estimated 22 percent decline is the school's sharpest endowment drop in modern history. The endowment was valued at $36.9 ...
(more)
The Associated Press: Harvard's endowment takes $8 ...
dealbreaker.com - 12/3/2008
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dealbreaker.com —
Remember when everyone wanted to be able to
invest "like Harvard" does? (Of course this really just...
translated to a massive move into equities and increasing reliance on hedge funds and managers). In retrospect, you could easily called the top for ...
(more)
My Endowment Is Still Bigger Than Yours
ritholtz.com - 12/5/2008
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ritholtz.com —
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 ...
(more)
Harvard: Not So Smart After All
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The Mess That Greenspan Made —
TOP STORIES GM says it could fail in a matter of weeks - LA Times Paulson debates next $350 billion in bailout: report - Reuters Harvard’s Endowment Takes an $8 Billion Hit - NY Times ADP Says U.S. Companies Cut 250,000 Jobs in November - Bloomberg Pursuing U.S. Aid, G.M. Accepts Need for Drastic Cuts - NY Times FDIC chief: Intervene on foreclosures - CNN/Money MARKETS/INVESTING Oil Little Changed Near Three-Year Low Before U.S. Supply Data - Bloomberg Gold ...
Harvard’s Endowment Loses $8 Billion in 4 Months
DealBook —
... informing deans of the losses. In an interview with The Harvard Crimson, which obtained a copy of the letter, Mr. Forst said the estimated 22 percent loss might underestimate the actual losses from the four months through October because some of Harvard’s money is invested with outside money managers who have yet to report their latest figures. In their letter, Mr. Faust and Mr. Forst said the university should plan for a 30 percent drop in endowment value by the end of next June. Go to Article from The Associated Press via The New York Times » ...
Harvard: Not So Smart After All
The Big Picture —
... 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.”
>
Sources:
Harvard Endowment Loses 22%
GERALDINE FABRIKANT
NYT, December 3, 2008 ...
Wall Street Blues Hit Princeton, Too
DealBook —
... for the school. Princeton is hardly alone in its troubles. It joins fellow Ivy Leaguers Harvard and Yale in disclosing big losses in their endowments, which, in Princeton’s case, funds half of its operating budget each year. Universities generally invest in a wide range of assets, including commodities, real estate and private equity funds. Harvard may be in a worse position. In December, Harvard sent a letter to its deans saying that the university’s $36.9 billion endowment fund lost 22 percent of its value from July to October and could decline as much as 30 percent by the ...
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Harvard: Losses More Like $18-Billion Than $8-Billion?
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online.wsj.com 8/24/2009 — Jane Mendillo spent her first year as Harvard University's endowment chief contending with the worst financial crisis in generations. Now she is repositioning the U.S.'s largest endowment in light of hard lessons learned. Key to her strategy: selling ...
Nina Munk on Hard Times at Harvard
vanityfair.com 7/21/2009 — Only a year ago, Harvard had a $36.9 billion endowment, the largest in academia. Now that endowment has imploded, and the university faces the worst financial crisis in its 373-year history. Could the same lethal mix of uncurbed expansion, colossal ...
Endowment Losses From Harvard to Yale Force Cuts (Update1)
bloomberg.com 7/22/2009 — July 22 (Bloomberg) -- Harvard University and Yale University are preparing for an extended period of austerity as U.S. colleges are forced to cut spending next year and beyond to offset the biggest investment losses since 1974. A payout formula ...
Edward Jay Epstein: How Much Has Harvard Really Lost?
huffingtonpost.com 12/22/2008 — Harvard University's admission that it lost $8 billion from its $36 billion endowment fund, as staggering as it sounds, may grossly underestimate the true magnitude of the loss between from July 1 through Oct. 31 2008. According to a source close the ...
Triple A Harvard Bonds
aleablog.com 12/5/2008 — Expected to price at a yield spread of 337.5 basis points over Treasuries
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Deutsche Bank takes a billion dollar corporate bond hit
wallstfolly.typepad.com 12/12/2008 — According to the WSJ, a proprietary Deutsche Bank trading group headed by Boaz Weinstein got hit to the tune of $1 billion on under water corporate bonds. Exacerbating the loss was a leverage reduction effort at the bank that forced...
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