June 4, 2009
With Stocks Still Shaky, Endowment Managers Put New Faith in Cash
Two years ago, many endowment managers disparaged cash and high-quality bonds as low-yielding investments that didn't deserve much room in a portfolio designed to keep an organization operating in perpetuity.
Now, that looks like bull-market talk. The current buzz is all about maintaining adequate "liquidity," which for most endowments means increasing cash and high-quality bonds.
As endowments reduced their cash and bond stakes over the past decade, they funneled more and more
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