CIO David Swensen has been having a pretty bumpy ride lately, with Yale's investment portfolio down 25% or roughly $5.5 billion in the last four months.
Yale University's endowment has lost 25 percent, or $5.5 billion, in four months, becoming the latest wealthy university to say how much of a bite the current financial crisis has taken out of its finances.
Yale President Richard Levin wrote to the school's faculty and staff on Tuesday, warning them the decline would force budget cuts in coming academic years.
"Our best estimate of the endowment's value today is $17 billion, a decline of 25 percent since June 30, 2008," Levin wrote, adding: "This is the value we are using for purposes of budget planning."
Yale President Richard Levin wrote to the school's faculty and staff on Tuesday, warning them the decline would force budget cuts in coming academic years.
"Our best estimate of the endowment's value today is $17 billion, a decline of 25 percent since June 30, 2008," Levin wrote, adding: "This is the value we are using for purposes of budget planning."
Yale says its endowment lost 25 percent since June - Reuters
Comments