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Some Diversification with That Cereal

To balance a portfolio skewed heavily toward Frosted Flakes and Rise Krispies, Kellogg Foundation CIO Paul Lawler has taken 35 percent of assets and put them in a portfolio filled with hedge funds and other alternatives. Lawler has seen the value of the foundation's assets decline under his care. At the end of January, it had $6.4 billion, almost 24 percent below its high-water mark.

It’s a bitter-cold January afternoon in Battle Creek, Michigan, and Paul Lawler is glued to his computer monitor, grimly reviewing another day of losses in the U.S. stock market. As vice president and chief investment officer of the W.K. Kellogg Foundation, Lawler, 60, has a lot to worry about. "We’re

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