Before we get too far into this, I would remind that these are just the holdings of publicly traded stocks and funds directly managed by HMC, and not representative of the part of the fund that is hired out.
Below is the table that Paul had of the top ten holdings via filings dated December 31. That it is so heavy in narrower ETFs says a couple of things to me. Given their resources and personnel, if Harvard wanted to own more individual stocks they certainly have the wherewithal to pick more stocks. So I take the ETFs as a comment about individual stocks not having a great risk / reward proposition, which, if correct, is an interesting comment at SPX 800.
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