Harvard endowment blew $1 billion on “tomato paste, sugar, and ethanol.” The money quote (pardon the pun) that tells you all you need to know about Harvard:
“Harvard made many mistakes over the last decade, according to Thomas Gilbert, a finance professor at the University of Washington, but almost all of them boiled down to a single miscalculation: the belief that its top money managers—who were paid $242 million from 2010 through 2014—were smarter than everyone else…”
