Moreover, Levin said it is difficult to know exactly how much the University has lost in investments that “are not traded on a daily basis and are difficult to value with precision,” such as private equity and real estate.

The news of Yale’s loss came just a few days after the December meeting of the Yale Corporation, the University’s highest governing body. Len Baker ’64, chair of the Corporation’s finance committee, said his group had “a long set of meetings” to address the economic crisis.

“The situation is very uncertain right now because of the volatility of the markets,” Baker said in a December telephone interview. “And, of course, a lot of our portfolio is in private assets, so there is no market and it’s hard to come by a precise valuation.”

So, to review the bidding. The Yale boys think their you know what doesn’t stink when it comes to private equity and hedge funds, yet despite their walk-on-water reputations, they can’t tell us what their private equity investments are worth? But, they are more than happy to scold everyone else?

Well, alrighty then.

Last I heard, they had 70% in private equity and hedge funds.