Harvard Losing Billions!
Poor, poor Harvard University—literally! Yes, Harvard-- the university that many consider the Harvard of Harvard-- is losing billions in the current market downturn. Ouch. Those poor, poor Ivy League elitist!
According to Gawker, Harvard's university endowment is down 25%-30% on a mark-to-market basis. With an endowment of almost $37 billion, Harvard is selling off $1.5 billion in private equity holdings, about a third of its total. Market rate now is only about 50% of their face value, meaning they are in serious need of cash.
Strange the minute we oust an ivy leaguer from the White House whose family paved the way for his admission, we start hearing of the demise of the Ivory Towers. Budget cuts have already been made. The pudding for Harvard's prestigious Hasty Pudding Award is going to be made by Jello and the cup used will that of the Dixie variety.
22% x 37b x 12% is about a billion.
despite that, they still made money! what's the issue with that? not all asset classes can be winners every year
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