Word: knowed
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Dates: during 1970-1979
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...professionals who decide where to invest Harvard's $1.4 billion endowment bring to their conference table information culled from corporate annual reports, investment journals, personal visits to companies, visits to foreign firms, even conversations with Harvard faculty members who know something about economics...
When Harvard Management began, five independent managers took over 10 per cent of the endowment to give the Corporation a means to judge HMC's performance, and so HMC itself could take advantage of the know-how of larger outside firms. Only three of those five firms still handle any Harvard money, though; one merged, and another wasn't doing the job right, according to Putnam. Today HMC uses outside talent mostly in specialized areas--for example, in its decision to commit money in venture capital (loans from an investor to a new business in hopes of a high return...
...When you hire a manager you have to stick with him. If you meddle too much, you won't know whether the results are yours or his," Putnam says...
This answer to the "asset mix question" is the centerpiece of Harvard's market strategy, but HMC also tries to use its flexibility to experiment in sophisticated fields like stock-lending, arbitrage and options. "These tools are not very well known in the investment business, and we want to know at least as much about them as anyone else," Putnam says...
That decimation precipitated a "love-hate relationship" towards the U.S. among the Korean people, Lee says, adding. "They're totally dependent on American aid. They're resentful but they know they need...