The Globe Follows the Money
The Globe gets the story right about the performance of Harvard's endowment.
Writes Steven Syre, Harvard's
returns outdistanced most investment benchmarks, but will probably fall short of the top tier of performers among leading university endowments. Harvard Management officials said they expect the 16.7 percent gain will be modestly above the average performance of those endowments, but not rank among the best 25 percent.
From the Globe article, it sounds like one of the reasons the endowment (relatively) underperformed is because of the transition from Jack Meyer to Mohamed El-Erian.
It's also a sign of how remarkable Meyer's performance was that Harvard's portfolio earned 16.7% last year and that can still be considered a disappointment....
When someone writes the definitive history of the Summers period, the story of Jack Meyer's departure should certainly be a chapter.
