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Yale’s $18.0 billion endowment still pales in comparison to Harvard’s $29.2 billion treasure chest. And both universities easily outpaced the S&P 500 stock index, which increased by 8.6 percent during the 2006 fiscal year. But Yale’s remarkable 22.9 percent return rate—and Harvard’s comparatively-modest 16.7 percent mark—suggest that Yale’s “external management” approach to its endowment is paying dividends...
...curing power of humor, especially slapstick. One of his favorite routines was mimicking awkward hospital volunteers who invariably said the wrong thing. When a leg amputee was convulsing in so much pain he couldn't talk, Jim handed him a chocolate shake and a three-by-five-inch index card with a scribbled message: "That will be $5. Bless you." But he mainly used treats to break the ice. After a couple of shakes, amputees were asking questions of the man who walked on two fake legs and worked for the U.S. Department of Veteran Affairs. He was living proof...
...return and the 21.1 percent return achieved in 2004. While few peer universities have released their endowment figures for fiscal year 2006, Stanford reported a 19.4 percent return for the same period, beating Harvard’s by 2.7 percentage points. Both universities handily outpaced the S&P 500 index, which registered an 8.5 percent return over the same period. “The most important issue is, did we meet the University’s target, which is to maintain the value of the endowment and take into account distributions and inflation?” El-Erian said...
Think of a guy who is anxious that his hacienda in Miami might be caught in a bubble but doesn't want to cash out and move. If he buys a put option on the Miami housing-price index and the value of homes in Miami (including his) slides, the money he makes on the derivative offsets his loss. A put option is the right, but not the obligation, to sell a security at a set price. A futures contract is an agreement to buy or sell something at a future date. Both are derivatives because they derive their value...
...means a new syllabus and often a different textbook for the same course. Tutorials—seminars in most other departments—are taught by grad students in their area of research. As such, they have a high student-teacher ratio, high grading curve, and even higher esoterica index. Hardly Social Studies 10. However, economics, philosophy, and quantum mechanics classes all count toward the mathematics concentration, and writing a good proof is similar to writing a good legal argument. Though official data isn’t released, anecdotal evidence suggests a gender ratio that could only be described with...