AFTER losing US$2 billion last year while markets mostly moved higher, Harvard Management Co (HMC) announced big changes in the way it oversees the world's largest university endowment.
Kicking off the new era, it is getting rid of half of its 230 employees and farming out management of most of its money. Alumni and other interested observers should expect to see a much simpler and cheaper endowment in the near future.
Today's missive will explore what this change foretells, but first, a brief reminder...
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