I was thinking the exact same thing. An economist from Harvard keeping $1 million in a checking account and not in some form of reasonably appreciating investment doesn’t show Harvard for much of an economic powerhouse.
Stupid is as stupid does. Couldn’t he fit that money under his mattress?
In honesty, if I had that kind of cash in hand, I wouldn’t be putting it in any investments; I would be keeping it as it is and then ONLY consider having it invested when the climate for business and the economy is more stable.