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Subject: Re: Harvard Throwing In The Towel on Endowment Management

An Observer
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Date Posted: 18:07:22 01/29/17 Sun
In reply to: Anthony 's message, "Harvard Throwing In The Towel on Endowment Management" on 14:19:16 01/25/17 Wed

According to this article from The Crimson, in 2015, McKinsey & Company conducted a review of Harvard Management Company which concluded that the endowment management's corporate culture was "lazy, fat and stupid."


Jack Meyer probably cannot believe what his successors did to the operation that he built and ran with great investment returns.

Lesson: People matter. Harvard has structural advantages in the investment business: a long-term, arguably infinite investment time horizon; economies of scale; a brand name which allows it to negotiate better terms with every one of its business partners; a brand name which should attract the best people in the industry and pay them commensurately because of the economies of scale.

But with inferior people, you get inferior results.

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