Word: idolatryã
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...asset classes; within asset classes, a larger proportion of strategies with long holding periods; [and] a lack of ready liquidity in the portfolio to meet our obligations along with the needs of the University.” For years, Harvard has been the subject of scrutiny—and idolatry??as its endowment consistently generated double-digit yearly investment returns, largely due to its heavy exposure to alternative asset classes, which include real estate, private equity, timber, and other commodities. Such investments added long-term value to the endowment and brought sustained growth in previous years, but also...
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