Word: short-run
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...short-run, partisan elections would hinder Mattapan State Senator Joseph Timilty's mayoral ambitions. Timilty, who narrowly lost to White in the '75 general election, is still White's main antagonist. He probably would be unable to win a primary race against White because due to its smaller turn-out, a primary emphasizes political organization rather than general popularity...
...sharp blow to Nixon's defense. The court announced that it would take the unusual step of bypassing the circuit court of appeals in order to speed a final decision on whether the President had the right to withhold 64 tapes from Special Prosecutor Leon Jaworski. While the short-run impact on the pace of the Rodino committee's work was unclear, the week's events may well have defined the outer limits of the President's ability to string out the proceedings...
...overall portfolio management is a strikingly new one in financial circles. Most outside managers assume they are going to be asked to compete one with another and with the main portfolio and ranked in the order of revenue they produce. This system of competition puts a great pressure on short-run investment policy because the companies are usually ranked against each other and those at the bottom are replaced, while those at the top get more of the institution's money...
Putnam and Cabot are concerned that such short-run pressure may actually be harmful in the long run and that therefore, the heavy emphasis on competition among different firms managing the same endowment may not be the hhalthiest policy for the University to follow. The concept of complementary relationships is in its experimental stage--only the Ford Foundation and Harvard, among major endowments, are currently playing with it--but Cabot and Putnam expect it to become more prevalent in the future. The Ford Foundation has studied the new idea carefully and kept records of the methods they have used...
However, Walter M. Cabot '55, president of Harvard Management, plans to remove the short-run investment pressure by forging a long term relationship with the outside managers he names this summer to handle $400 million of the endowment. Cabot, whose own company will take care of $1 billion of the portfolio, says he will not ask the companies to compete against each other. Instead he will ask all of them to cooperate in pooling information that will help secure a higher rate of return for the total portfolio...