Word: marketed
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Dates: during 1970-1979
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...think you can consider one stock without understanding the industry involved, the national economy, and the world economy," Cabot says. Each HMC partner covers the field or market he knows the most about, and keeps the others up to date at the daily meetings...
Harvard followed a conservative market strategy through the 1960s, when other investors were taking ever-larger risks, and today--though it remains prudent compared to most private investors--Harvard is buying more stocks. "We think stocks got over-valued from 1950 to 1972, and now there's a pendulum swing the other way," Putnam says. "We're taking this as a long-term opportunity to get some damn good stocks cheap," Cabot says...
...cent from government funding of research and financial aid, 14 per cent from gifts, and 21 per cent from income on the endowment. The government isn't increasing much, and the endowment remains the same--so students find themselves making up the balance, Putnam says. "We hope the securities market will do well enough to carry its own share," he adds...
...within Corporation guidelines of at least 50 and at most 70 per cent in stocks. The mix usually hovers between 55 and 60 per cent--less stock than most universities--but it could rise as high as 70 per cent as HMC picks up new stocks in the depressed market, Cabot 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...