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BRIEFLY

December 14, 1987

Harvard University's multibillion-dollar endowment dropped 7.2% in value when the stock market crashed in October, the university announced. The endowment's decline amounted to $290 million, but the percentage drop was far less than the 22.62% fall the market took in its worst plunge. Harvard said its endowment that month dropped to $3.85 billion from $4.14 billion, but officials praised the university's investment managers for preventing greater loss.

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