1/ "Given the extraordinarily strong performance of the overall market this past year, a meaningfully higher level of portfolio risk would have increased Harvard Management Company’s returns dramatically,”https://www.bloomberg.com/news/articles/2021-10-14/harvard-endowment-trails-peers-with-34-return-on-lower-risk?utm_source=google&utm_medium=bd&cmpId=google …
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2/ I have "marked to market" the value of my orchard at $10 billion so my investing returns easily topped all these university endowments. You can do this at home too, as everyone knows, and there is no need to consider drawdowns, which is nice. PE investments only go up!pic.twitter.com/FHI1Mr8kqI
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3/ "Harvard still having 1/7th of the portfolio in stocks is junior college level portfolio management," said prominent alumni Thurston Howell III when asked to comment. "Of course small universities are only able to invest in bottom quartile funds and their returns will lag."pic.twitter.com/FSf0J2FR9G
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there’s a lot to unpack here. i think Yale may be the wrong benchmark here; how far ahead would Harvard be if it just had invested in it’s students, directly? Seems like it would have incredible returns…
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