contrarian@coalmine

Performance for Harvard, Yale Endowments in 2008

I don't believe their professed returns are verified by an independent auditor. I know both funds hold illiquid real estate and the same types of poor performing bond positions that every other fund manager is holding.. but theirs have obviously not been marked to market. I'm also certain that they have core investments in many of the U.S. large cap stocks that have been taking a beating this year. And, I doubt the the covenants of the Yale and Harvard endowments allows for massive shorting of the market.

I hate calling someone a liar...but, there seems to be smell of mendacity emanating from the Ivy covered offices of those funds.