Word: investers
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Once the land income comes into the account, a 1956 state law tightly restricts how it will be invested. The state treasurer is custodian of the fund, and not more than I percent of the total can be invested in any single company. Texas also can't invest in stocks that don't have a five-year dividend record, which bans venture capital and real estate. Last year the endowment for the 14-branch Texas system grew a modest $176 million, a far cry from Harvard's 42 percent increase...
Across town, Boston University pursues a far more risky--and, of late, very rewarding--investment policy. With only $100 million of endowment, BU can invest more aggressively than Harvard, because endowment income only makes up I percent of the yearly budget. If they lost it all, income could easily be made up elsewhere...
...addition to liberalizing regulations affecting the yen, Japan seems more willing to open up to foreign companies. Since 1945 U.S. corporations have been able to invest only $2 billion in Japan, while the Japanese have invested about $14 billion in the U.S. Easing restrictions will make it simpler for U.S. businessmen to operate in Japan, as well as allow foreign firms to tap Japan's relatively cheap capital markets. Officials on both sides hope that President Reagan and Prime Minister Nakasone will be able to sign a yen agreement in London at the June economic summit...
Whatever the method, players see the games as a dice roll on a dream. Says Louis DeSantis, who has sold New York lottery tickets at his Lower Manhattan newsstand since 1967: "People know they're not going to get rich on what they're making, so they invest a dollar and wish." But despite well-publicized accounts of overnight wealth (see box), a person is about 31½ times as likely to be killed by lightning as to win New York State's Lotto jackpot. "Sure, somebody wins," says Myron Powell, a retired Congregational minister who fought...
There is one more comment of Mr. Howe's which at best must have come from a slip of the pen. He says that President Bok "has made sure that Harvard doesn't invest in companies which don't sign the Sullivan Principles." This is simply false. Robert Neer, a colleague of Mr. Howe's, rightly pointed out in a Crimson article on divestsiture (5/8/84) that "Harvard holds... stock in eight companies that have not signed the Sullivan Principles or are not fully abiding by them." This is public knowledge and has been amply documented. The Corporation itself says that...