Word: mixes
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Dates: during 1970-1979
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...trustees meet four times a year, but an executive committee meets monthly to conduct more immediate business. "The executive committee does the nitty-gritty stuff," Burr says. Their composition is much less homogeneous than the Corporation's--the mix of alumni, parents, academics, businessmen and professionals (not to mention the presence of women and minority group members) make the Radcliffe trustees more like Harvard's Board of Overseers than the Corporation. (The Overseers are a larger group that meets less frequently than the Corporation and advises the University on non-financial matters...
Elsewhere on the darkened streets of Cambridge, Crimson reporters conducting a random survey of Harvard Halloween habits found a similar willingness to mix business with tricks and treats...
...matter what choices Harvard makes in the stock/bond mix, however, and no matter how successful HMC is in increasing annual income from the endowment, inflation stands in the wings ready to devour the most impressive investment record. Even the hundreds of millions the Harvard Campaign will tack on to the endowment will only delay the day of reckoning if double-digit inflation continues. In years of 10 to 12 per cent inflation, like 1974 or this year, the real value of the endowment will fall despite the best record in the stock and bond markets...
...Inflation has chopped the endowment's real value (measured in dollars adjusted for inflation) by half over the past 15 years, Cabot says. So HMC keeps a balance between stocks and bonds 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...