Monday, September 26, 2016

My retirement account outperformed Harvard University's endowment fund this year: I must be one smart S.O.B!

Harvard University's $35 billion endowment fund lost money this year. For its most recent fiscal year, Harvard's endowment fund is down 2 percent. Wow! Even my piddling little retirement account did better than that. In fact, it did twice as well as Harvard.

Does that mean Harvard should hire me to manage its endowment fund? No, although I would gladly take that job for a modest 1 percent of assets under management. But Harvard's lackluster endowment-fund performance is a reminder that Harvard people are not as smart as they think they are.

In fact, I'm convinced that Harvard folks are no smarter than the average educated American. Actually, they may be less smart. Harvard and the nation's other elite colleges are now so mired in postmodern jargon about race, gender, sexual identity, etc. that they've forgotten how to analyze and solve problems, which should be one of the core purposes of a liberal education.

Our country is now largely governed by nabobs who got their degrees from Harvard, Yale, and a couple of dozen other elite universities. All nine of our Supreme Court Justices graduated from either Harvard's Law School or Yale's. President Obama: Harvard Law School. Hillary Clinton: Yale Law School. John Kerry: A Yale man.

And look where we are. Who can deny that our nation is less safe today than it was 10 years ago? Who can deny that the American middle class has lost ground over the last 20 years?

And yet we allow a handful of arrogant, poorly educated, and condescending idiots to run our lives. And now, in the highly publicized transgender bathroom case, we are about to allow nine old geezers on the Supreme Court to tell us if traditional bathroom rules in American colleges and schools violate Title IX. Which is ironic. The Supreme Court is going to dictate bathroom etiquette for American educational institutions, and the Justices are so old that most of them are wearing Depend diapers and don't even go to the bathroom anymore.


Image result for u.s. supreme court justices
Hey, your fly's unzipped!

References

Geraldine Fabrikant. Yale Endowment Shines vs. Returns for Its Peers. New York Times, September 26, 2016, p. B2. Accessible at http://www.nytimes.com/2016/09/24/business/yale-university-endowment.html?rref=collection%2Fbyline%2Fgeraldine-fabrikant&action=click&contentCollection=undefined&region=stream&module=stream_unit&version=latest&contentPlacement=1&pgtype=collection&_r=0

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