Word: hmc
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Furthermore, Meyer's superiors may not havedealt with HMC's problems because they felt theirhands were tied. While some critics have blamedHMC's problems on its very structure--in-housemoney management is rare amonguniversities--observers suggest that theUniversity hasn't disbanded the two decade-oldinstitution because it can't without lookingstupid for creating it in the first place...
...Harvard administrators can't really blameMeyer for all the trouble, either, since he onlyassumed his post in September of 1990 (hispredecessor, HMC founder Walter M. Cabot '55,reportedly was eased out the door after returnsdeclined steadily since the mid-1980s...
...dramatic shift came too late tojumpstart HMC's lagging returns-just as foreignstocks started to level off. In fiscal 1992,Harvard earned a paltry 1.3 percent on its foreignequity holdings, compared to 14.4 percent on U.S.stocks. Meanwhile, Harvard's holdings in thespeculative real estate and commodities sectors,staked out in the early 1980s under Cabot, werepummeled, the victim of depressed markets and poorinvestment choices...
...stocks aren't the only concern. In the lastseveral months alone, a series of stumbles in theendowment's private placement portfolio--long atarget of HMC's most spirited critics--have costHarvard tens of millions of dollars...
Ironically, that cautious tone is echoed bysome of HMC's most diehard critics. Says oneformer management company official, who asked notto be named, "You can't demonize them for one badyear, nor can you deify them for one good year."Crimson File PhotoJACK R. MEYER may have reason to smile thisyear...