Harvard University's endowment, the largest of any university, has lost 22% of its value in the past year — or approximately $8 billion. Ouch. [MarketWatch]
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Comments:
@NefariousNewt:
I totally agree with this comment.
"Poor" Harvard. But, oh noes!! -- they have a hiring freeze. Pull up the drawbridges and man the battlements!
@ElizabethD: All the universities have hiring freezes. :-/
I left my job at UCF because they couldn't afford to pay me about $5/hr more.
Um, I would give my right arm for ONLY a 22% drop this year. Well, maybe not an arm--maybe just a few toes...
That's not their losses for the past year. That's their losses for their fiscal year so far - which is to say, the period from June 30 to now, or the last 5 months.
Is that being managed by Harvard Business School graduates?
How has it performed over the past 2 years? 5 years? 10 years? Those are the more relevant questions. (And I'd also be thrilled with a 22% drop.)
wait, those guys are smart AND well endowed? dammit!
@Munsoned:
Maybe the soul of your little brother or sister while you're at it, it sweetens the deal!
they're predicting an average 35% loss for endowments across the board, & for the most part, the bigger the endowment, the lower the percentage loss. the really lucky schools are the ones who make money off copyrighted drugs (or other consumer products).
It is really disgusting to hear about these HUGE University endowments when we continually hear about "budget cuts" at schools. Last week I head that the cost of higher education has gone up something like 30x more than the cost of living over the last 20 years. Of course it has the schools have been putting your tuition and tax dollars away instead of spending on current expenses. Harvard is a private university, but I'd be surprised if they didn't receive some public funding, be in the form of student grants, loans or outright govt. contributions.
And after that, they still have enough left over that no one attending Harvard should have to pay tuition.