Word: others
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Dates: during 1970-1979
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University and financial leaders say this compactness has allowed Harvard Management to hold on to the talented investment managers who have given the company such a successful record so far. James N. Bailey, managing director of Cambridge Associates--which evaluates the investment performance of Harvard and other universities--says HMC...
After the meetings, partners break for business lunches with company representatives, other investment managers, faculty members, and other sources. "We do a lot of traveling," Cabot says. "We never invest in a company that we haven't first called on, and talked to the senior management and the competitors."
The University has also found it cheaper to run Harvard Management than to pay outside managers, Putnam adds. This year's HMC annual report says its salaries are "comparable with other first-line institutions," but goes on to say the cost of running the company is one-third of the...
HMC attracted and held onto an above-average group of investment specialists because it gave them a chance to spend all their time making specific decisions on which account, Harvard's $1.4 billion endowment. They don't spend much time on internal administration because the company is so small, and...
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...