Harvard's Endowment

I have been wondering how the colleges with the big endowments have been doing, and in today's The Wall Street Journal, there is a bit of an answer. Harvard's endowment lost at least 22% of its value, or about $8 billion from the beginning of July to the end of October. My reaction is that that is not really all that bad given what the stock market has done.
Update: An article at the Huffington Post suggests that the true value, using mark to market, is much higher, maybe 50%