June 4, 2009
Charity's Declining Fortunes
Endowments lost $46.6-billion since 2007, says Chronicle survey
The smart money is no longer looking quite so wise.
The bear market that began 18 months ago slashed the value of most endowments in 2008, including even the large college endowments that over the past decade have sharply outperformed their peers by piling into alternative investments like hedge funds.
In The Chronicle's annual survey of endowments, the 60 whose fiscal year ended in December suffered a median decline of 25.4 percent for 2008 —
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