Word: hmc
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...Cabot’s reluctance to reinvest in the stock market caused HMC to miss the 1989 stock rebound, costing Harvard millions. By 1989, endowment returns had sunk to a quarter of 1983 rates...
...Then in 1989, HMC suffered one of its most public investing debacles. HMC lost about half of a $45 million investment—then about one percent of the endowment—in risky “commercial papers” of Lomas Financial Co., sold by Merrill Lynch, a loss that was aired publicly when HMC filed a lawsuit to recover the losses...
...Sources close to HMC say a combination of Cabot’s failing health and concerns from Harvard about declining returns led the University to begin seeking a replacement...
...Despite Cabot’s early successes, The Commonfund had outpaced the Harvard endowment by a full percentage point during Cabot’s time as head of HMC...
...Meyer told newspapers that his new position at HMC was the “perfect...