Word: larson
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...Larson was one of Harvard’s top money-managers in his 13 years at the University, helping the endowment balloon from $4.7 billion in 1990 to $25.9 billion by 2005. His team gained national media attention when he and four other prominent HMC members left the company during a six-year period leading up to Larson’s 2004 departure...
...Larson gave an explanation for his fund’s staggering losses in the letter his investors received on Monday...
According to Larson, Sowood’s portfolio was experiencing losses in June—due to pessimism in the credit market—that were worrisome for the firm but still “manageable” due to the fact that the fund’s collateral was still valued highly...
...letter, Larson was apologetic to investors, asking for their continued patience...
...have always attempted to do the very best for our investors,” Larson wrote. “A loss of this magnitude in such a short period is as devastating to us as it is to you.” —Staff writer Nathan C. Strauss can be reached at strauss@fas.harvard.edu...