Word: illiquidity
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...idea popularized by Soros himself: reflexivity. Originally developed as a sociological concept, reflexivity incorporates the essential feedback loop between cause and effect into analysis. This is best illustrated through self-fulfilling prophecies; think about a bank run à la Northern Rock: If rumors abound about a bank being illiquid, depositors will self-fulfill the prophecy by queuing to clear their accounts. There is a ‘tipping point’ for bubbles or bursts alike, which explains where market performance is anything but normally distributed. As Nassim Taleb made a career out of showing, we end up having...
...Recently, the prices available to sell such assets often have been at a sizable discount, and therefore not all announced disinvestments have been completed.” said Chris Cowen, a managing director at Prager, Sealy & Co, referring to Stanford’s recent decision to sell its illiquid assets...
...planned sale would include assets from both current and future obligations and would further reduce the amount of illiquid assets on the University’s books—an effort that has been ongoing for the past year and a half...
...private equity holdings, which represented 13 percent of the University’s portfolio in 2009, fell 31.6 percent. Harvard Management Company’s investment strategies came under fire in the past year for investing the University’s endowment in private equity and other illiquid assets, which could not be sold easily to meet cash obligations...
...which funded 38 percent of the University’s operating budget in 2009—fell from $37 billion to $26 billion this past year. Harvard and its peer institutions have been criticized for their investment strategies, which rely heavily on hedge funds, private equity firms, and illiquid assets...