Word: putnam
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...works within broad guidelines set by the Corporation, but there's almost no Corporation interference in HMC's day-to-day decisions. Putnam gives the Corporation a list of HMC's transactions every week. "I try to be able to answer questions, but there are very few questions," he says. If HMC's performance began to decline, he adds, the Corporation would not try to interfere in specific investment choices. "We would rather make personnel changes, switch some people around," he says...
...When you hire a manager you have to stick with him. If you meddle too much, you won't know whether the results are yours or his," Putnam says...
...reason Harvard can attract the kind of huge gifts it is counting on during its five-year, $250 million Harvard Campaign is its "good aura of investment management," Putnam says. "Alumni will only give when they think their money will be managed well--people will set up trust funds for Yale," putting a gift in a private manager's hands and sending Yale the interest, he says. But he adds that Yale's "aura" is worse than it deserves...
...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 the other way," Putnam says. "We're taking this as a long-term opportunity to get some damn good stocks cheap," Cabot says...
...income from student tuition, 26 per cent from government funding of research and financial aid, 14 per cent from gifts, and 21 per cent from income on the endowment. The government isn't increasing much, and the endowment remains the same--so students find themselves making up the balance, Putnam says. "We hope the securities market will do well enough to carry its own share," he adds...