Discuss the following statement critically:^1 Over the past 25 years many university endowments have ... invested across a wide range of "alternative assets", from private equity and hedge funds to timber. One idea behind the strategy was that ... the traditional dominance of domestic equities within institutional portfolios put lots of eggs in one basket... but the model came into question in 2008 and 2009, when the financial crisis hit. In the year to June 30th 2009, the Yale endowment fell by 24.6% and Harvard's portfolio fell by 27.3%.