Yes. The article gives the California Public Employees' Retirement System as an example of extreme losses due to over-leveraging. I didn't see anything in the

Yes. The article gives the California Public Employees' Retirement System as an example of extreme losses due to over-leveraging. I didn't see anything in the article to suggest that HMC itself was dangerously leveraged, though. Considering the long-term outlook and vast wealth of Harvard, one wouldn't expect it to gamble anywhere near as much as a hot-shot hedge fund, or even as much as a pension fund with an implicit government guarantee. That's just speculation, though; real data would be welcome.