Word: investments
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Dates: during 1980-1989
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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...
...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...
...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...