Word: marketing
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Dates: during 1960-1969
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What are the funds that cover each budget, whatever its size? The total market value of Harvard's general investments on June 30, 1967 was about $1,038,000,000. The "book value" was about two-thirds that amount. Each year the Corporation votes to distribute to each of the funds participating in the general investments account (which means mostly the endowment funds) income from this account at a fixed rate of the book value of each fund. In 1966-67 this rate was 5.2 per cent and thus $34,000,000 was distributed, of which $30.5 million went...
...market value of general investments in June, 1966 was $974 million. So the usable rate of return established by the Corporation was actually more like 3.5 per cent. Yet this figure doesn't even approach the return the Treasurer is really receiving on his investments. According to both Treasurer Bennett and President Pusey, Harvard's investments net about 10 per cent a year computed on their market value. This figure includes both dividends and interest and value appreciation on the market...
...cent could be spent in its entirety if the Corporation saw fit. Yet even for that part whose income, by the terms of the bequest, is all that can be used, the principal is legally defined as only the original amount of the gift and certainly not the market value of the stocks bought with it. Thus, even a fund restricted to principal could be delivering spendable income at the rate of 10 per cent a year, if the Corporation wanted to spend...
...behind all this saving is that the maximum which prudence allows is being spent from endowment income. Taking a larger share of the load not borne by fees would be, on the long run, suicidal. Is this true? From the end of the Second World War to 1967, the market value of the general investment almost sextupled, which means an average increase of about 8.4 per cent a year compounded. This annual rate of increase is made up mainly of value appreciation but it also includes gifts for capital and undistributed "income." Put in more general terms, the investments have...
SINCE THE medium is the message in politics, or can override the message, ownership of the media has lately become more crucial than ballot-counting in determining who wins elections. Campaigns are packaged into commodities that candidates may purchase from election market analysts; TV dispenses public policy on a county-by-county basis. This could theoretically make for moral neutrality, but its practical effect enables the moneyed candidate to come into more living rooms as man-of-the people...