Harvard Flunks Investing 101
When the Ivy League’s fiscal year ended in June, Harvard
University finished in an unfamiliar spot: last., according to Businessweek The school’s endowment was the
only one in the hallowed group to lose money on its investments, with a return
of negative 0.05 percent—below the average gain of 2.3 percent and well behind
Dartmouth’s leading return of 5.8 percent. Harvard’s fund is still the Ivy
League’s biggest by far, at $30.7 billion, but in Cambridge, ranking eighth in
anything simply will not do.
And so on Feb. 4, the university announced that prominent
venture capitalist Jim Breyer of Accel Partners had joined Harvard’s board. In Breyer, Harvard is getting one of Silicon
Valley’s most successful venture capitalists, best known for an early bet on
Facebook (FB) that helped make him a billionaire. In Harvard, Breyer gets to
add perhaps the most prestigious name in board memberships to his ever-growing
list of affiliations….
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