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October 1, 2005
Harvard Endowment Cracks $25 Billion
This definitely should fall in my "The Stock Market is a scam" category. Isn't it interesting that the guys at Harvard can get about 10% growth a year, but in a mutual fund that all of us suckers are required to put our money in to be in a 401k, can only get 3%? Does that seem reasonable to anyone else? Also traditionally Endowments spend 5.5% of their income a year, yet Harvard is cutting services and leaving 440 million a year in the bank. What's up with that? I can understand rounding down to 5%, but down to 3.5%?? Sure seems like their focus has drifted away from education and instead drifted into money management instead. Of course I don't think they are going to be any better off letting the greedy Wall Street types take over their funds, they'll just be in as bad shape as the rest of us fools. Sure seems like it's a massive problem that needs a well managed solution.
Read more here.
Posted by ManDrake at October 1, 2005 6:41 AM
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