Unstable Economic Period

Meyer has the misfortune of beginning his campaign to stabilize HMC during a very weak period for both domestic and international markets.

One observer had it right when he said a young manager would have been better off coming a decade earlier, says Meyer. Nevertheless, he has resigned himself to the current poor economic reality and looks towards achieving the "much more important" long term goals.

"I'm certainly not so superstitious as to think that my arrival at Harvard was the beginning of the bear market. Actually it started before I came here," Meyer says. "But the key goal here is just to add value on a consistent basis."

If HMC can accomplish its goal of adding value to the endowment over the longer term, Meyer says, it will have been successful in serving the University needs.

"If we've done our job properly," Meyer says, "then that's money in the bank for Harvard. Markets are going to go up and come down, we've just got to add value and we'll come out ahead."

According to many University administrators, Meyer's conservative investment attitudes and his ability to maintain a long-term view even during economic downturns may be his most valuable contributions to the management of Harvard's money during the current economic instability.

Meyer is credited with shielding the Rockefeller Foundation's funds from the huge market losses of the October 1987 "Black Monday" market crash.

While he admits that event was one of his brightest moments, he argues that no one can expect a repeat performance based on his past success.

"[Cabot and I] both did a pretty good job in the October 1987 crash. That doesn't give you much information as to how either of us would do in the next big trouble area," says Meyer. "I wish it did, it would probably make things a lot easier."