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Well, by the time that you're talking about, the late 1970s and the 1980s, how would you describe the investment attitude vis-a-vis the endowment? At Harvard. Where these types of discussions that you recall?
Oh, by the late 1970s we were no longer worrying about what Mac Bundy had proposed, and we had policies about investment. In a general way, we have run between 50 and 70% equities. But we've also gotten involved quite heavily in venture capital, quite heavily in real estate, and other direct placements. And these tend to have a better return than equities or fixed income, but it takes quite a while before you get your money, out, because those things rarely have any income flow to them.
They're also risky.
They're risky, but you know, if you got ten ventures, and three go down the drain, five don't do much one way or the other, but two really hit--you're way ahead.
Have there been any heroes or villains in the investment advisory aspect for the Corporation?
You mean, have there been any crooks?
No, I didn't mean crooks [laughter]--
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