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We have two other posts today, Oil in the 30s: Merry Christmas, in which we opportunistically crow about our prowess at predicting oil prices, and The Harvard-Yale-CALPERS Cycling Club, in which we lament the lack of imagination among fund managers and the enormous harm caused by inexperience or ineptitude (got to throw-in the personal and institutional greed, too). We do that via an analogy.
Now, this post extends both of those because, here, we make a… Read the rest
A few weeks ago, Harvard announced that its endowment fund lost about $8,000,000,000 (since July 1).
This week, Yale announced that its endowment was down about 25% for the year. That’s about $5,900,000,000. (Their fiscal year started July 1.)
Likewise, according to yesterday’s Wall Street Journal, CALPERS, the California Public Employees’ Retirement System, has lost about one-quarter of its assets since July 1. That’s almost $60,000,000,000. Poof! To put it into perspective; that is A LOT of money.
On their housing investment, CALPERS… Read the rest
We very much like the ancient Greek story of Cassandra, and one could well imagine that for almost ten years, Harry Markopolos felt like a modern-day Cassandra.
We don’t know enough about Mr. Markopolos to know whether he wrote letters to the SEC about hundreds of other fund managers claiming that they also ran Ponzi schemes or were part of the conspiracy to assassinate President Kennedy, were adducted by UFOs, or provided FDR with advanced knowledge of the bombing of Pearl Harbor or some combination of the four. If so, then it is quite… Read the rest
