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Performance for Harvard, Yale Endowments in 2008

contrarian@c
oalmine

Most illiquid mangers outside of endowments are audited. This is so the LP's have some assurance of the numbers. Endowments are also audited (they just don't have to report the audit to the public). There is no way the illiquid assets could be or should be marked to market. Shoot. Look at what happened last week and tell me know the exact value of any asset. FAS 157 has cracked down on unrealized gains and losses as much as it can. Don't be playa hatin the endowments just because they kill it EVERY YEAR. Yale, Harvard, Stanford, MIT, Princeton did not grow to be $15-40 Bn funds on donations. The donation numbers are public and they only account for <10% of the endowment growth.