Businessweek reports that Harvard bet the farm in Brazil â€” and lost. The managers of the nationâ€™s largest university endowment made a substantial investment in a sprawling agricultural development in Northeastern Brazil. According to one analyst, Harvardâ€™s top money managers â€” who were paid $242 million from 2010 through 2014 â€” thought they could handle risks almost all other endowments avoided. The result is a recent decision by current endowment chief N.P. â€œNarvâ€ Narvekar to write down the value of Harvardâ€™s globe-spanning natural resources portfolio last year by $1.1 billion, to $2.9 billion.
Click here to read more.