Entire Ivy League Outpaces Harvard Endowment in Fiscal Year 2017 – The Harvard Crimson
November 3, 2017 \ 1 Comment
Full Article: The Harvard Crimson
While most Ivy League endowments were able to capitalize on the bull market in fiscal year 2017, Harvard’s performance was weighed down by a series of high-value markdowns it took on some of its investments. The University’s financial report, released last week, detailed a nearly $10 billion markdown on domestic fixed-income assets, which include investments like treasury bonds, junk bonds, and corporate bonds.
First, kudos to the editor of the Friday Newsletter for nailing the image once again. I assume Billy Ray is on the Dartmouth site! While this article may not be typical of the newsletter, it does underscore the notion that we are in a bear market for bonds. These aren’t like equities bears, but for the institutional investor or typical bond fund, they are nonetheless dangerous to yields. The Fed has said rates are going up, and for bond geeks, that means bond prices are going down. Imagine if the Fed said with similar certainty and conviction that equities are… Read more »
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