Word: hmc
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However, Meyer says that HMC directors are never involved in making individual investment decisions...
Once the board sets the policy, it is up to HMC analysts and investors to decide how to parcel out the endowment into specific investments...
...story of Harvard and Harken dates back to 1986, when the HMC Board of Directors—in charge of setting HMC policy but not specific investment decisions—viewed the energy business as a wise investment opportunity...
...HMC director and former Harvard Corporation member Robert G. Stone Jr. ’45, the board decided that HMC should allocate five percent of its endowment investments to the energy business...
...price of natural gas had fallen sharply in the period before Harvard began investing—down from $2.82 per million BTUs (MMBtus) to $1.45 per million in October 1986—and HMC saw the market as overly depressed and hoped to invest at the bottom...