Word: stockings
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Dates: during 1980-1989
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Besides using direct lines for stock transactions, traders "exchange information" over the phone, says an HMC equity trader. "Someone might call up to ask the firm's stance on the market in general and ask "What do you think about the market today and why?" she says...
...Harvard needs to make its own contribution to the market. The University issues bonds to pay for renovation costs and hires brokers to act as intermediaries in selling the bonds. "In that case they're a client of ours," says Cabot. "If IBM wanted to go out and sell stock, they would have to go to one of these firms. We act like they do in selling debt...
...less than HMC depends on the endowment's performance. "If it costs the University less to put all the assets in external management and performance is no good, that doesn't prove anything," says Cabot. While a majority of investment managers underperformed the Standard and Poors index of 500 stocks this year, Harvard's stock portfolio outperformed the market benchmark, says Cabot...
...stock performance barely budged under external control and last November, UT switched to different money managers. "We need ultimately those managers to do better than ourselves," says Patrick, who attended the College and Business School before becoming top moneyman...
...Haven school, with the nation's fourth largest endowment, runs its money with a combination of both internal and external management. Eight outside managers play the stock market for 75 percent of Yale's funds, while a 15-member in-house investment team directs real estate and bond management. Swenson says that Yale's endowment "is generating a high return by hiring outside firms with expertise." Yale's endowment climbed at over 23 percent last year, at about the same rate as Harvard's funds. Yale will not be managing more of its money internally in the foreseeable future, says...