Word: investers
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...always been on the vanguard of endowment management. Paul C. Cabot '21, a tough, profane Brahmin and the uncle of Walter Cabot, served as Harvard's treasurer from 1948 to 1965 and quintupled the endowment. He demanded complete discretion in managing Harvard's money, arguing that you can't invest by committee. Cabot shifted more than half of the endowment out of downtown Boston real-estate and high-grade bonds, and into common stocks--considered, at the time, a radically new strategy for a private university...
...attitude in life is that it's a very imperfect world, and I don't see that it's Harvard's role to be overly moralist," Cabot says, adding that the more Harvard is confined in terms of what companies it can invest in, the lower he feels return on endowment will be--and the less money for scholarships, faculty salaries, and construction there will...
...instance, Harvard does not invest in combing companies, Cabot says, mostly because he says he doesn't understand them as investments and since "I guess I also have some attitude above gambling companies...
...preoccupation, of the business day, civil society. To some extent, everyone's existence is structured by the competing demands of two different worlds. In civil society we largely follow our inelinations. We seek our selfish best interest, try to make the best deals possible, move forward in our careers, invest correctly, take care of our own. In political society, on the other hand, we discuss the issues and then vote for the candidate who will do the most for the nation as a whole. Some live in political society daily as they build critical judgments reading the newspapers some...
Rauch: Yes, it's hard work to get it to the point where it can breathe. The director's job isn't to force it, though; it's to invest the faith and trust in all those people that'll let them succeed...