They were passing bite size lamb chops, mushroom stuffed puff pastry, and crab cakes. They didn't hedge their portfolio properly. Just last week I found myself in the Gold room at the Arizona Biltmore Resort and Spa. The running joke is that their 401K has become a 201K. How Harvard Losing Money Affects You Does it feel like your entire investment portfolio's been cut in half. The open bar was up on the right, and the center of the room hosted a huge table of appetizers.

The entire room was decked out in classic fashion. They don't want to see how badly their portfolio's been damaged.

This was going to be a big pitch. Black and white clad service people circled like a swarm of bees. I knew from the second we stepped in the room... I know a number of people who refuse to open their account statements. At the head of the room was seating for 50 and a big projection screen. They just don't want to see the wreckage.

Many big institutional investors have the same problem...