Word: portfolios
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Long before Eliot Spitzer achieved national renown by attacking corporate misdeeds as New York's attorney general, there was the California Public Employees' Retirement System, or CalPERS. For years, CalPERS used the leverage of its enormous investment portfolio to rail against companies that it believed were badly run or acting irresponsibly. When the Enron debacle ushered in an era of scandals, CalPERS's leadership made it an instant star of the corporate-reform movement...
...fish to feed him and his family. It's a sorry fall from the 1960s and '70s when phosphate exports brought the 21-sq. km republic wild riches. Now the wealth, and most of the phosphate, is gone, squandered in poor investment decisions, mismanagement and corruption. An overseas property portfolio once worth...
...third time in 10 years, every portfolio managed by the firm—from domestic equity to emerging market bonds—had outperformed its benchmark. That would mean more money for the University, of course, as well as more money for Meyer and his top endowment managers, with seven- and eight-figure bonuses for many at the top of the firm’s payroll...
...while the money at stake is enormous, the firm’s offices maintain a strictly casual air. Polo shirts and sweaters far outnumber suits and ties, even among the most senior portfolio managers. One afternoon in October, David R. Mittelman, Harvard’s star manager of domestic bonds who earned $25.4 million for his work last fiscal year and $34.1 million the year before that, rocked back in his chair on the trading floor, sporting khaki pants and a short-sleeve, collared shirt...
...Meyer is not a portfolio manager. “My primary job is to find the right people and put them in the right spot,” he says...