Perspective I

When in the middle of a maelstrom it is hard to catch a glimpse of where one is as the world spins past. The next few entries will try to give some perspective on a few items economic and investment in orientation.

Harvard University is renowned for having the largest endowment in existence. It provides the fuel that keeps the university the envy of the world and the font of great thinking and research by the top minds of the globe. In 1974, Harvard's endowment suffered its worst setback as it saw a 12% decline in the endowment in a very difficult economy and market. The Oil Shock was in full swing and the world saw a global recession of significant proportion.

In 1984, 2001 and 2002 the investments held by Harvard's endowment had "hiccups" as the President termed by with slight negative returns.

In 2008 the Harvard Endowment is projected to decline by 30%.

Nobody is getting out unscathed.

John Barnyak
President