Harvard: Investment Hubris

Forbes ran an astonishing story on Harvard University's investment calamity due to heavy investing by their fund managers in derivatives.  An endowment of $36.9B is now one-third smaller, with huge projects already under commitment.  Ivy League smarties turned out to be too smart for their own good, or Harvard's.  It is hardly comforting to contemplate Larry Summers having been Dean of Harvard, now at the White House, where he is trying to strategize our way out of Economic Hell.