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From http://theamericanscene.com/2008/05/12/is-harvard-just-a-tax-free-hedge-fund:

"Viewed purely in terms of economics, Harvard is really a $40 billion tax-free hedge fund with a very large marketing and PR arm called Harvard University that has the job of raising the investment capital and protecting the fund’s preferential tax treatment."

(via Matthew Yglesias)
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