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