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U.S. college endowments post losses in fiscal 2012
a sharp reversal from a gain of 19.2 percent a year earlier, pressured by volatile international equity markets, according to a study released on Friday.
You win some and you loss some - guess many hedging positions ended badly, while many MFO investors like ourselves did a whole lot better in 2012.
Reply to @DavidF: Thanks for that bit of info. I find it hard to believe that they made no money in 2012 but a fiscal year end in June would explain losses.
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