Word: stockely
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Dates: during 1970-1979
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Riding the 5:04 in from Stamford, the stockbrokers looked a little sleepy and a little nervous. they usually come to work three hours later, but Monday on the 50th anniversary of the Stock Market's disastrous 1929 crash, they went to work in the dark...
...think you can consider one stock without understanding the industry involved, the national economy, and the world economy," Cabot says. Each HMC partner covers the field or market he knows the most about, and keeps the others up to date at the daily meetings...
...Harvard Campaign will tack on to the endowment will only delay the day of reckoning if double-digit inflation continues. In years of 10 to 12 per cent inflation, like 1974 or this year, the real value of the endowment will fall despite the best record in the stock and bond markets...
...that strategy would leave no way to raise the value of the endowment's principal over the long run. Inflation has chopped the endowment's real value (measured in dollars adjusted for inflation) by half over the past 15 years, Cabot says. So HMC keeps a balance between stocks and bonds within Corporation guidelines of at least 50 and at most 70 per cent in stocks. The mix usually hovers between 55 and 60 per cent--less stock than most universities--but it could rise as high as 70 per cent as HMC picks up new stocks in the depressed...
This answer to the "asset mix question" is the centerpiece of 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...