Even Yale's Endowment Falters

Like Harvard, Yale has found the investment climate chilly since last June. Estimated shrinkage of Yale's endowment: 25%.

Could have been worse. Neither the Cantabs nor the Bulldogs turned their money over to Madoff.

Update: Geraldine Fabrikant theorizes that Yale may have fared somewhat better than Harvard because David Swenson allocated less to liquid commodities and may have hedged his positions. Also, a lesser portion of Yale's endowment was in foreign equities, and the Bulldogs used no leverage.