Word: putnams
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Dates: during 1970-1979
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Major economic disasters might force Harvard to curtail academic programs or pay more attention to the financial resources of applicants. Putnam says, "Things maybe won't work the way we want them, and there might be disasters, but I think we can handle them...
...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...
...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...
...mixing such innovation into Harvard's traditionally ultra-conservative management, HMC has outpaced many other schools; it nonetheless remains far behind inflation. Both Cabot and Putnam, however, believe Harvard and its endowment will weather the current crisis. Cabot says inflation should become a more emotional issue. "Eventually, kids will be getting mad not about South Africa, but about the price of lettuce. South Africa is an important issue, but people haven't shaken their fists enough about inflation," he says. If they do, then Cabot believes the government could launch a crash energy development program that would spur the economy...
...Putnam says if inflation keeps up, Harvard may have to shed its traditional reluctance to share students and programs with other universities. "Harvard's problem is, it tries to be all things to all students," he says. Harvard may eventually have to exchange students with the Massachusetts Institute of Technology in some fields of physics, or with Wellesley in fine arts--"There's got to be more of this exchange; it's silly to have competing departments so nearby," Putnam says...