When Walter Burke took over as chairman of Denison University's investment committee in January 2009, the financial markets were in free fall. Even before his first board meeting, Burke huddled with committee members to make sense of the devastation suffered by the school's endowment, which had dropped in value from $693 million at the end of 2007 to $536 million just 12 months later. "We decided the plan was to hunker down and focus on shoring up liquidity," Burke says.
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