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Andrew HeiskellAndrew Heiskell
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Session:         Page of 824

Q:

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?

Heiskell:

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.

Q:

They're also risky.

Heiskell:

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.

Q:

Have there been any heroes or villains in the investment advisory aspect for the Corporation?

Heiskell:

You mean, have there been any crooks?

Q:

No, I didn't mean crooks [laughter]--





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