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It used to be that a University could simply lay its endowment into bonds or a few good blue-chip stocks, and Harvard was no exception. But during the last decade, investing has become a frenzied, anxious business, and the potential for overnight disaster strikes most acutely at institutions like...
Fortunes and blowouts that used to build up over years now happen in months and weeks. And to the old investing choice among stocks, bonds and "cash"--certificates of deposit and other short-term instruments--have been added dozens of new securities which are traded many different ways.
What sets Harvard apart in endowment management, investors say, is its degree of sophistication. The Management Company is a $6 million-a-year operation employing a staff of 90, keeping 88 percent of Harvard's $2.5 billion endowment. Lately HMC has moved into risky areas where universities never dared trod...
What has happened since June, 1982 exemplifies the new interventionist brand of money management at Harvard. HMC had shifted heavily into stocks (at one point, almost 80 percent of the endowment was in stocks). But last December, accurately sensing an imminent tumble in the market, the company took a $300...
In all, less than 2% of Manufacturers Hanover's loans are nonperforming, or not paying interest. Said Hambelton: "We never had any funding problems." The banker was particularly incensed by reports that Manufacturers Hanover was selling off British government bonds, or "gilts," to help meet obligations. He angrily denied...