Roger Nusbaum may well have spotted an outbreak – and who can blame would-be imitators when Harvard’s endowment fund is returning 7 to 9 per cent in a bear market, according to the WSJ.

Harvard’s success this year (still below its 15 per cent historical average and the 23 per cent gain it posted last year) was based on a decidedly non-traditional asset mix of 34 per cent in stocks, More…