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


Author:
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."

https://www.thecrimson.com/article/2017/1/26/hmc-layoff-staff/

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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