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November 16, 2014
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Efforts to Outsmart Market Give Ground to Basic Investment Strategies

Jim Harrison

Harvard University’s endowment, which has a large internal staff scouring the world for top investments, has produced returns that are no better than those earned by endowments with far less complex investment strategies.

For years, the so-called endowment model could do no wrong. Pioneered by large private colleges, it calls for broad diversification, including plenty of "alternative investments" like hedge funds, private equity, timber, and real estate.

Through...

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