October 22, 1998
Hedging Their Bets
Big foundations and universities turn to non-traditional investments
When the stock market plunged in August, the John S. and James L. Knight Foundation had a cushion to break the fall. One-fifth of the foundation's $1.2-billion endowment was invested in "hedge funds." The funds -- which place bets on the movement of market prices around the world -- collectively fell by less than half the rate at which Standard & Poor's index of big U.S. stocks
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