Boston’s American Repertory Theater “is at a critical juncture in its decades-long history as a Harvard affiliate,” and one critic says that the company is in sore need of direction. “Harvard, like any canny investor, isn’t going to pony up the big bucks unless it foresees a reasonable return on its investment. That return may not have to come in the form of cold cash; intellectual richness, international cachet, and free-flowing creativity are all valuable assets for a university.”