Word: moneyitis
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...analogy demonstrates, spending down the endowment too far (selling too many cows) leaves us with too little money to sustain our operations in the future. Like a farmer with too few cows to sustain his farm, spending too much from our endowment can exacerbate the problem of too little operating cash, making more budget cuts necessary in the future...
...billion to $26 billion, a loss greater than the total endowments of all but three other universities in the country. This sobering news highlights the fact that some mistakes were made in Harvard’s investment strategies, prompting a need to reconsider the way we manage our money...
...faith in their investment acumen. In the 10-year period ending in fiscal year 2008, the Harvard endowment outperformed the median institutional fund by 7.7 percent per year. Had it earned the median institutional fund rate, endowment assets would have been $23.5 billion less. Moreover, Harvard’s money czars are far from alone in their shortcomings this year. Yale’s endowment fell 30 percent in the past fiscal year...
Therefore, although there are lessons to be learned going forward, calls to drastically scale back risk-taking in the future are unfounded. This would prevent Harvard from recovering from its current dire straits and stunt our growth prospects. HMC should instead look to manage money mindfully, attaining good enough returns given the university’s particular situation. This is our best hope to seeing the endowment recover and making the budget cuts of the past year a distant memory...
...leave it hanging sometimes. FM: Can you ever rock a dorm t-shirt out, at night? el Habashy: You can rock anything. FM: Where do you get a quick fashion fix in the Square? Baird: Second Time Around. Dagogo-Jack: When I have an itch to spend money I like to go to J. Press and buy one of their watch bands. They’re pretty awesome. el Habashy: Oona’sLonergan: The Tannery and Mint Julep. Polino: J. Press.FM: It’s a recession. Can you tell us how to shop our closet?Dagogo-Jack...