What isn't stated in here is that the major mistake Harvard made isn't necessarily in the commodities it chose to invest in, but in the nation in which it chose to make its investments. Brazil has struggled for decades with government corruption undermining a stable economy. Brazil has been afflicted with massive inflation several times in the past few decades. Quite frankly, I don't think Harvard would have done well in any South American nation because those nations still choose socialism over free-market capitalism - when they don't choose outright tyranny through communism (Cuba) or military coup (Argentina).