Harvard University Endowment
The Harvard University endowment, valued at $53.2 billion , is the largest academic endowment in the world. Its value increased in fiscal year 2024, ending the year with its largest sum in history. Along with Harvard's pension assets, working capital, and non-cash gifts, the endowment is managed by Harvard Management Company, Inc. (HMC), a Harvard-owned investment management company. Harvard Management Company HMC employs financial professionals to manage the approximately 14,000 funds that constitute the endowment. HMC is a 501(c)(3) non-profit entity exempt from federal income taxation and led by a management team of N.P. "Narv" Narvekar (chief executive officer), Rick Slocum (chief investment officer), and Sanjeev Daga (chief operating officer). Management history Jack Meyer managed HMC from 1990 to September 30, 2005, beginning with an endowment worth $4.8 billion and ending with a value of $25.9 billion (including new contributions). During the last decade of his tenur ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Jane Mendillo
Jane L. Mendillo is an American endowment fund manager. She was the president and chief executive officer of the Harvard Management Company, charged with managing Harvard University's endowment. She led the investment team from 2008 to 2014, when the endowment was valued at $36.4 billion, having recovered fully from the 2008 financial crisis. Prior to leading the company, from 1987 to 2002, she was in charge of managing the endowment's domestic equities, venture capital, natural resources investments and charitable trusts. After 15 years in various investment positions at Harvard Management Company, in 2002 she was tapped to be the chief investment officer at Wellesley College. She left Wellesley in 2008, leaving the endowment at $1.67 billion (up from its 2002 market value of $1.03 billion). In the summer of 2008, she returned to Harvard Management as President and CEO. Her time at Harvard was marked by 2008 financial crisis, during which the University was under severe financia ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Bond (finance)
In finance, a bond is a type of Security (finance), security under which the issuer (debtor) owes the holder (creditor) a debt, and is obliged – depending on the terms – to provide cash flow to the creditor (e.g. repay the principal (i.e. amount borrowed) of the bond at the Maturity (finance), maturity date and interest (called the coupon (bond), coupon) over a specified amount of time.) The timing and the amount of cash flow provided varies, depending on the economic value that is emphasized upon, thus giving rise to different types of bonds. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU. Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds, to finance current expenditure. Bonds and Share capital, stocks are both Security (finance), securities, but the major difference between the two is that (capital) stockholders h ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Fixed Income
Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the principal amount on maturity. Fixed-income securities (more commonly known as bonds) can be contrasted with equity securities (often referred to as stocks and shares) that create no obligation to pay dividends or any other form of income. Bonds carry a level of legal protections for investors that equity securities do not: in the event of a bankruptcy, bond holders would be repaid after liquidation of assets, whereas shareholders with stock often receive nothing. For a company to grow its business, it often must raise money – for example, to finance an acquisition; buy equipment or land, or invest in new product development. The terms on which investors will finance the company will depend on the risk profile of the company. The company ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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The Boston Globe
''The Boston Globe,'' also known locally as ''the Globe'', is an American daily newspaper founded and based in Boston, Massachusetts. The newspaper has won a total of 27 Pulitzer Prizes. ''The Boston Globe'' is the oldest and largest daily newspaper in Boston and tenth-largest newspaper by print circulation in the nation as of 2023. Founded in 1872, the paper was mainly controlled by Irish Catholic interests before being sold to Charles H. Taylor and his family. After being privately held until 1973, it was sold to ''The New York Times'' in 1993 for $1.1billion, making it one of the most expensive print purchases in United States history. The newspaper was purchased in 2013 by Boston Red Sox and Liverpool F.C. owner John W. Henry for $70million from The New York Times Company, having lost over 90% of its value in 20 years. The chief print rival of ''The Boston Globe'' is the '' Boston Herald'', whose circulation is smaller and is shrinking faster. The newspaper is "one ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Stephen Blyth
Stephen James Blyth is a British mathematician and academic. Since October 2022, he has been Principal of Lady Margaret Hall, Oxford. He had been Professor of the Practice of Statistics at Harvard University since 2012, and was also chief executive officer of the Harvard Management Company between January 2015 and July 2016. Biography Blyth matriculated into Christ's College, Cambridge, in 1985 to study the Mathematical Tripos. He graduated with a first class honours Bachelor of Arts (BA) degree, and was the 3rd wrangler in that year. He then moved to the United States, where he studied statistics at Harvard University. He was awarded a Master of Arts (AM) degree in 1989. His doctoral dissertation was titled "Local Regression Coefficients and the Correlation Curve" and his advisor was Kjell Doksum. His Doctor of Philosophy (PhD) degree was awarded in 1992. After graduating with his PhD, he returned to England and was a lecturer in the Department of Mathematics at Imperial Coll ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Baupost Group
The Baupost Group is a hedge fund founded in 1982 by William Poorvu and partners Howard Stevenson, Jordan Baruch and Isaac Auerbach. Seth Klarman, who was asked by Poorvu to help run the fund, remains at its head today. Baupost Group's investment philosophy emphasizes risk management and is long-only. The firm, one of the largest hedge funds in the world, is a value investing manager. According to Bloomberg L.P., Baupost is ranked 4th in net gains since inception. Investment strategy Risk It was reported that the Baupost Group does not use leverage in its investments with the exception of real estate where for every one dollar invested the Baupost Group used one dollar of leverage. It was reported that Baupost CEO Seth Klarman explained in a speech to MIT students that investment research driven by emotion is risky and can lead to a bad investment. Performance From its founding the firm have generated an average annual return of 20%. From 2014 to 2024 Baupost genera ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Seth Klarman
Seth Andrew Klarman (born May 21, 1957) is an American billionaire investor, hedge fund manager, and author. He is a proponent of value investing. He is the chief executive and portfolio manager of the Baupost Group, a Boston-based private investment partnership he founded in 1982. He closely follows the investment philosophy of Benjamin Graham and is known for buying unpopular assets while they are undervalued, seeking a margin of safety and profiting from any rise in price. Since his fund's $27 million-dollar inception in 1982, he has realized a 20% compounded return on investment. He manages $30 billion in assets. In 2008, he was inducted into ''Institutional Investor'' Alpha's Hedge Fund Manager Hall of Fame. ''Forbes'' listed his personal fortune at US$1.3 billion and said he was the 15th highest earning hedge fund manager in the world in 2017. He has drawn numerous comparisons to fellow value investor Warren Buffett, and akin to Buffett's notation as the "Oracle of Om ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Hedge Fund
A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and insulate returns from beta (finance), market risk. Among these portfolio (finance), portfolio techniques are short (finance), short selling and the use of leverage (finance), leverage and derivative (finance), derivative instruments. In the United States, financial regulations require that hedge funds be marketed only to institutional investors and high-net-worth individuals. Hedge funds are considered alternative investments. Their ability to use leverage and more complex investment techniques distinguishes them from regulated investment funds available to the retail market, commonly known as mutual funds and Exchange-traded fund, ETFs. They are also considered distinct from private-equity fund, private equity funds and other similar cl ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Leverage (finance)
In finance, leverage, also known as gearing, is any technique involving borrowing funds to buy an investment. Financial leverage is named after a lever in physics, which amplifies a small input force into a greater output force. Financial leverage uses borrowed money to augment the available capital, thus increasing the funds available for (perhaps risky) investment. If successful this may generate large amounts of profit. However, if unsuccessful, there is a risk of not being able to pay back the borrowed money. Normally, a lender will set a limit on how much risk it is prepared to take, and will set a limit on how much leverage it will permit. It would often require the acquired asset to be provided as collateral security for the loan. Leverage can arise in a number of situations. Securities like options and futures are effectively leveraged bets between parties where the principal is implicitly borrowed and lent at interest rates of very short treasury bills.Mock, E. J., R. ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Financial Derivatives
In finance, a derivative is a contract between a buyer and a seller. The derivative can take various forms, depending on the transaction, but every derivative has the following four elements: # an item (the "underlier") that can or must be bought or sold, # a future act which must occur (such as a sale or purchase of the underlier), # a price at which the future transaction must take place, and # a future date by which the act (such as a purchase or sale) must take place. A derivative's value depends on the performance of the underlier, which can be a commodity (for example, corn or oil), a financial instrument (e.g. a stock or a bond), a price index, a currency, or an interest rate. Derivatives can be used to insure against price movements ( hedging), increase exposure to price movements for speculation, or get access to otherwise hard-to-trade assets or markets. Most derivatives are price guarantees. But some are based on an event or performance of an act rather than a pri ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
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Great Recession
The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009.“US Business Cycle Expansions and Contractions” United States NBER, or National Bureau of Economic Research, updated March 14, 2023. This government agency dates the Great Recession as starting in December 2007 and bottoming-out in June 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |