** FILE ** In this Nov. 13, 2008 file photo, people walk through Harvard Yard at Harvard University, in Cambridge, Mass. Harvard University says its endowment has tumbled $8 billion in the four months since the end of the last fiscal year. The estimated 22 percent decline is the school’s sharpest endowment drop in modern history. The endowment was valued at $36.9 billion on June 30. (AP Photo/Lisa Poole,File)

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