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Harvard University`s endowment suffered investment losses of at least 22% in the first four months of the school`s fiscal year, the latest evidence of the financial woes facing higher education.
The Harvard endowment, the biggest of any university, stood at $36.9 billion as of June 30, meaning the loss amounts to about $8 billion. That`s more than the entire endowments of all but six colleges, according to the latest official tally.
Harvard said the actual loss could be even higher, once it factors in declines in hard-to-value assets such as real estate and private equity -- investments that have become increasingly popular among colleges. The university is planning for a 30% decline for the fiscal year ending in June 2009.
Other university endowments also are suffering, and many states are cutting public funding of higher education. Colleges are instituting hiring freezes, planning enrollment cuts and discussing steep tuition increases, intensifying worries about the impact of the recession and financial crisis on college access.
The federal government already has taken emergency steps to boost lending to students, and several well-off colleges have said they will maintain or boost financial aid to help families hurt by job losses, investments setbacks and borrowing problems. But not all colleges have the financial heft to withstand the many forces bearing down on them.
Joni Finney, a professor at the University of Pennsylvania who studies college economics, says she worries that public universities and less-wealthy, smaller private colleges may not be able to keep their doors open to all students. "If you go down the food chain of higher education, it`s harder and harder to deal with these kinds of cuts," she says.
Private-college budgets are sensitive to investment declines because they typically tap their endowments each year to help cover operating expenses.
The University of Virginia Investment Management Co. said it lost nearly $1 billion, or 18%, of its endowment over the four-month period, reducing it to $4.2 billion. In Vermont, Middlebury College says its endowment fell 14.4%, to $724 million. In Iowa, Grinnell College`s endowment dropped 25%, to $1.2 billion. In Massachusetts, Amherst College says its endowment, $1.7 billion as of June 30, also fell by 25%.
In a letter to Harvard`s deans, university President Drew Gilpin Faust and another official blamed "severe turmoil in the world`s financial markets" for the endowment loss. She said it would lead to budget cuts, and that the school would sell bonds to increase its financial flexibility.
The Harvard letter said the 22% loss, from July 1 through Oct. 31, understates the actual decline because it doesn`t reflect assets such as real estate whose values couldn`t yet be estimated. Currently, endowment income funds 35% of Harvard`s $3.5 billion budget.
The 30% fiscal-year loss Harvard is planning for would eclipse the loss of 12.2% in 1974, its worst over the last 40 years.
Harvard`s loss marks a sharp reversal from the endowment`s formerly chart-topping performance. Harvard and Yale University -- which hasn`t disclosed its endowment`s recent performance -- pioneered an investment approach that de-emphasized U.S. stocks and bonds and placed large sums in more exotic and illiquid investments, including timberland, real estate and private-equity funds. That strategy, which was widely copied, helped the schools avoid significant losses after the technology boom ended in 2000.
But the current market has been far less favorable, partly because both Harvard and Yale have relatively small holdings of bonds, such as U.S. Treasurys, one of the few assets that have performed well. Harvard began its fiscal year with a target of having 33% invested in publicly traded shares, split among U.S. stocks, which have dropped 24% in the four months through October, and international stocks, which have fared worse.
Other investments, such as commodities, which were a boon to Harvard in past years, have turned negative in recent weeks. Harvard has sought to sell off about $1.5 billion in investments with private-equity firms, which typically use their assets to fund corporate takeovers, according to people familiar with the situation. That would be one of the largest sales ever of a private-equity stake. But its private-equity partnerships received bids of only around 50 cents on the dollar, say other people familiar with the matter.
Daniel Jick, chief executive officer at Boston-based HighVista Strategies, which handles money for some endowments, says that in some prior years, investments such as real estate and private equity have helped buffer endowments against losses on stocks.
In her letter, Harvard`s Dr. Faust said the endowment loss has "major implications for our budgets and planning, especially since our other principal revenue streams also stand to be challenged by the economic crisis."...
future of unitech
Posted by :
IncredibInvestPrice when posted : BSE: Rs 30.80 ( 1.82 % ), NSE: Rs. 30.75 ( 1.82 % )
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Hi PKK
I highly appreciate the way you think. It is really commendable and not everyone can think that way and all these fundamental things comes from very basics.
I salute your thought process.
Cheers!!!...
In reply to:
future of unitech
Posted by :
pkk07
quote
Any property history wud foretell U that REALTY PRICES have ALWAYS RISEN in the long term & even gone further up than their previous highs....
unquote
This is totally wrong. Go look at Japan. They had their subprime in late eighties and their real estate has been falling since the last 30 years. It is not stable. It is falling.
Look around yourself what is happening. As Rakesh Jhunjhunwala says that if say Infosys hires 20,000 employees every year, that means 20,000 new cars, homes, TVs and that makes the economy boom. But of late, Infosys and all other companies in almost every sector are not hiring. Instead they are firing people. Buying a car or TV is still not a big deal but buying property is a huge commitment - a 20 years or longer duration loan. Who has the guts to take such a commitment when one is not sure if he/she will still be employed next month?
Real estate stocks on the other hand may have bottomed out. But then I am sure there are better stocks available. 
future of unitech
Posted by : IncredibInvestPrice when posted : BSE: Rs 30.80 ( 1.82 % ), NSE: Rs. 30.75 ( 1.82 % )
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There is hardly anything left for FIIs to sell this stock. I dont agree with you here because even if FIIs sell this stock they are not going to get anything.
75% stake is there with the promoters which comes to be around 3000 Cr out of it`s market cap of 4000 cr.
1000 Cr is thier with other then promoters which includes FIIs, LIC, other domestic finacial institutions and then retail investors. No one is going to get anything in selling this stock at this juncture.
But any postive signals will give a sharpest jump in this stock which might lead it to beyond sub 100 levels.
There are many stocks dancing on the FIIs tune but not UNITECH.
One need not dance rather have a good break and see the stock a year later now.
...
In reply to:
future of unitech
Posted by : marketbear
forget the current GDP. India`s GDP will slip between 5-6% going forward. It can trigger another fall. Our market is not crashing due to fundamental weakness fully but it is dancing to the tune of global funds and financial crisis. At FII`s will sell weak stocks first
ACC Ready Mix Concrete : Growing demand in Modern Cities.
Posted by : TrueCompanionPrice when posted : BSE: Rs 428.35 ( 0.04 % ), NSE: Rs. 427.05 ( -0.38 % )
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Production and sales of Ready Mix stood at 1.11 million cubic metres and 1.23 million cubic metres in year 2007-2008 which was higher by 4.7 % and 9.8 % respectively compared to the previous year. The sales value of Ready Mix stood at Rs.367.02 crs which is 22.4% higher than the last year sales value. Ready mix concrete business has been identified as an area of strategic priority. ACC commissioned a Wind Energy Farm in Tamil Nadu to promote clean and green technology. The company foresees substantial scope for growth of this business in India and has accordingly finalised plans to expand Ready Mix business in major cities including Tier1 and Tier 2 cities. ACC realizes the growth potential of Ready Mix, the company has 26 plants for the same and enhance to 46 in 2008. The company have major capital expenditure projects in hand, as a result of these projects the total cement capacity of the company will increase to about 30.4 MTPA by end of 2010 with total outlay of Rs 4,000 crore.
/TC/
...
Govt fixes Rate
Posted by : bhusbhacPrice when posted : BSE: Rs 1118.60 ( -3.51 % ), NSE: Rs. 1117.60 ( -3.58 % )
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Dear rvk41 - Mukeshbhai has been personally in the Petroleum Ministry all the time. The agreement with the terms and conditions with the Government will be finalised on Monday, 8th December, 2008. Going forward this will be RILs main buisness in the near term and which is also in national interest which will save valuable foreign exchange.
Our Government would definitely be supportive to RIL. So the reasons for so many plant shutdowns clearly demonstrate the focus of attention of RIL....
In reply to:
Govt fixes Rate
Posted by : rvk41
The government has asked Reliance Industries (RIL) to sell gas from the Krishna Godavari basin, off the Indian east coast, to companies at USD 4.2 per unit excluding transportation costs and taxes, reports Economic Times.
It has also recognized the sectors to which the fuel will be sold. This will pave the way for RIL to gear up for gas production. The company has invested around USD 12 billion in the oil project and gas produced from this region will provide fuel to power plants and fertiliser companies. Presently, gas produced in India meets only 50% of the existing demand.
These events come against the backdrop of the Bombay High Court asking the government to clarify whether the approved price of USD 4.2 per unit was the price at which companies would buy this gas or the price at which the government would calculate its share of the profit earned by RIL
For information,with regards
rvk41
paddy not in TTS BOD
Posted by :
NRIInvesterPrice when posted : BSE: Rs 6.05 ( 0.83 % ), NSE: Rs. 6.05 ( 0.83 % )
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Any idea why Paddy`s name is not in TTS BOD..
Their website and Factsheet shows TTS acquired Alphasoft in 1995.. ?????
http: //review.teledatain dot com/tts/asp/Company-bod dot asp...
future of unitech
Posted by : DUstocksPrice when posted : BSE: Rs 30.80 ( 1.82 % ), NSE: Rs. 30.75 ( 1.82 % )
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Great rvk41 ! Congratulations....
In reply to:
future of unitech
Posted by : rvk41
Dear sir,
To me also,with regards
rvk41
Forex gains
Posted by : alokvarshney52Price when posted : BSE: Rs 16.45 ( 4.58 % ), NSE: Rs. 16.30 ( 3.49 % )
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Almost all exporters hedge their orders for Re movement against USD. Alok Industries had also done it when Rupee was trading around 40/USD. Therefore it could not gain from rupee depreciation against USD. Now it is going to hedge its orders for next 6-9 months when Rupee is trading at 49.80/USD. So I think the Q2 2009 onwards its quarterly results will show forex gain. That time US economy would also start picking up. then Alok Industries can move upto 57 again....
Tata Steel
Posted by : bond5455Price when posted : BSE: Rs 182.80 ( -2.51 % ), NSE: Rs. 182.50 ( -2.51 % )
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Hey
Do you drink too much that you do not understand the difference between Ispat and TISCO.
I think , go for a rehab.
You are good at NIFTY tracking. Keep it to that.
Bond...
In reply to:
Tata Steel
Posted by : kadiyali
papias, sell Tata Steel tomorrow morning without bothering about your purchase price. You can buy back the same quantity again when the price falls by 25 rupees from your sale price.
Book profits on positive opening
Posted by : bond5455Price when posted : BSE: Rs 358.45 ( -1.58 % ), NSE: Rs. 358.40 ( -1.54 % )
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hey mukut,
Nothing of the sort you said about the movements. You have still long time to learn about the movements of ICICI. Till then youwill have to see it at 250 and DREam of 500.
I know you are a long term investor but that does not mean one should buy high. In that case , better to put your money in 10 year FD of SBI and double your money.
GUARANTEED.
Bond...
In reply to:
Book profits on positive opening
Posted by : mukut
This stock vulnerable. Watch out during just before closing session. There will be huge either down or up.
Cals Refineries a Dark Horse to Watch
Posted by : gujju123Price when posted : BSE: Rs 1.47 ( -4.55 % )
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Can anyone pls advise why this stock is continuously falling irrespective of the market going up or down.
Almost 5% down circuit daily......
...
In reply to:
Cals Refineries a Dark Horse to Watch
Posted by : PowerSHAH
Dear Prinz,
if you wanna invet from 3 years point of view then be rest assured that your investments in CAL refineries would surely grow.
Risk is very low from her and rewards seems to be on high side..
Regards
Power Shah
Eastern Silk Ready to Soar.
Posted by : shahidsPrice when posted : BSE: Rs 8.50 ( 2.16 % ), NSE: Rs. 8.50 ( 3.66 % )
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morningstar you said the recession will continue till 2011, What will be Sensex level then? Any guess :)...
In reply to:
Eastern Silk Ready to Soar.
Posted by : morningstar
I have put my sell view on this stock innumerable no. of times. Perhaps you are new to this counter. I have been giving a sell reco ever since the stock scaled 300, 10 paid up and then started slipping rapidly. You can see my earlier posts. And I reiterate my sell stand on this stock. The recession in the US and Europe will have a deleterious effect on the co`s exports and future prospects. There is enough indication that the recession will continue thru 2011!!
Despite this, if you want to stay or buy this stock you are welcome.
This is my personal opinion based on the experience in the stock markets and the ongoing recessionary situation around the world.
Cheers!!
Unitech Fair Value is From 115 to 230 Rs.
Posted by : IncredibInvestPrice when posted : BSE: Rs 30.80 ( 1.82 % ), NSE: Rs. 30.75 ( 1.82 % )
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Unitech has already started to show it`s resilliance and reversal today.
Every stock was down in deep red except Unitech.
I am in touch with many people who were panicking to cover the shorts. there are lot of fresh long position coming in....
In reply to:
Unitech Fair Value is From 115 to 230 Rs.
Posted by : sagarmksingh
Its same game reapting after some months, to subdue its market price and create panic among investors, accumulate as possible and then juck up its price to its fair value.
Investors hate to buy Unitech at dirty cheap price, but they will anixious to buy when it will cross 50 bucks.
As per Economy cycle, as Infation started showing its southward journey, that is right time to buy realty and infa stocks because it takes few weeks time to refelct it into these stocks price.
First Inflation decrese-- RBI takes actions accordingly-- effects in stock price in few months.
For me, I have taken postion in UNITECH and HDIL few days back after infaltion data down two conscutive week.
Enjoy Investing!!
SagarMKSingh
Govt fixes Rate
Posted by : rvk41Price when posted : BSE: Rs 1118.60 ( -3.51 % ), NSE: Rs. 1117.60 ( -3.58 % )
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The government has asked Reliance Industries (RIL) to sell gas from the Krishna Godavari basin, off the Indian east coast, to companies at USD 4.2 per unit excluding transportation costs and taxes, reports Economic Times.
It has also recognized the sectors to which the fuel will be sold. This will pave the way for RIL to gear up for gas production. The company has invested around USD 12 billion in the oil project and gas produced from this region will provide fuel to power plants and fertiliser companies. Presently, gas produced in India meets only 50% of the existing demand.
These events come against the backdrop of the Bombay High Court asking the government to clarify whether the approved price of USD 4.2 per unit was the price at which companies would buy this gas or the price at which the government would calculate its share of the profit earned by RIL
For information,with regards
rvk41...
Unitech Fair Value is From 115 to 230 Rs.
Posted by : IncredibInvestPrice when posted : BSE: Rs 30.80 ( 1.82 % ), NSE: Rs. 30.75 ( 1.82 % )
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For your kind information 2 Lac crore does`nt mean hard cash. It is the some all benefits coming in terms pf duty cuts, fuel price cut and lot of tax exemptions to sick industry. For you kind information scenerio in INDIA is different the US where govt is just distributing money to defaulter`s mistakes.
Neither you buy this stock nor you talk about it. One needs a musculine kind of risk to enter in to this stock.
Go and talk abt some PSU stocks where neither you have upside nor downside. ...
In reply to:
Unitech Fair Value is From 115 to 230 Rs.
Posted by :
niryat
does the Govt has 2,00,000 Crores to spend on stimulus packages, these are merely dreams, we have seen for once unitech nose dive from Rs. 51.00 to Rs 28.00 is the las week of Oct. 2008. Since, then NO fundamentals have changed. It is Rs. 2.00 face value stoc and can go below Rs.10.00 within days. unless we have the home lopan rates below 7%, I do not see any kind of U-turn for reality shares.
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