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November 18, 2008

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Paul

So misleading to draw any conclusion from a tiny part of the portfolio.

11% long-term allocation to emerging markets doesn't seem so exaggerated considering their weights in the global economy.

What we learn from the 13F filings is that, unlike I understand other asset classes, Harvard prefers the low cost alternative (ETFs) to hiring external managers to get this exposure.

This suggests they have little confidence in EM managers' ability to provide value added on a consistent basis. Striking since these markets would be considered highly inefficient...

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