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Ragpicker Offline
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Post: #1
New class at UC
"How to Lose Money"

First the Athletic Department and now the Foundation.

http://www.citybeat.com/news/article/208...nvestments
 
08-20-2017 10:09 AM
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TubaCat Offline
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Post: #2
RE: New class at UC
From the article:

Quote:UC’s investment portfolio lost 1.3 percent.

Quote:The 805 U.S. university endowments responding to the annual National Association of College and University Business Officers survey lost an average of 1.9 percent of their money in the 2015-16 school year.

Quote:UC’s general counsel’s office declared them to be trade secrets exempt from the Ohio Public Records Act. Ohio State University says the contents of its $648 million in hedge funds are trade secrets, too. Unlike UC, OSU refuses to disclose how well, or poorly, its hedge funds performed. Its entire portfolio, 18 percent of which is in hedge funds, lost $128 million, or 3.4 percent.

So, in other words, UC outperformed its peers (particularly OSU, who is even more secretive about their investments). Hardly worth a piece with such a click-bait title. Check out the author's Twitter. All of his pieces are trying to expose what he calls "corruption" and "sleaze." I value journalism that hits the streets to expose corruption by those in power, but this is a total non-story IMO.
 
08-20-2017 10:53 AM
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Ragpicker Offline
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Post: #3
RE: New class at UC
(08-20-2017 10:53 AM)TubaCat Wrote:  From the article:

Quote:UC’s investment portfolio lost 1.3 percent.

Quote:The 805 U.S. university endowments responding to the annual National Association of College and University Business Officers survey lost an average of 1.9 percent of their money in the 2015-16 school year.

Quote:UC’s general counsel’s office declared them to be trade secrets exempt from the Ohio Public Records Act. Ohio State University says the contents of its $648 million in hedge funds are trade secrets, too. Unlike UC, OSU refuses to disclose how well, or poorly, its hedge funds performed. Its entire portfolio, 18 percent of which is in hedge funds, lost $128 million, or 3.4 percent.

So, in other words, UC outperformed its peers (particularly OSU, who is even more secretive about their investments). Hardly worth a piece with such a click-bait title. Check out the author's Twitter. All of his pieces are trying to expose what he calls "corruption" and "sleaze." I value journalism that hits the streets to expose corruption by those in power, but this is a total non-story IMO.
Nice spin - it's acceptable because it's less of a loss than another school. Are you losing money in these robust markets? If so, is that acceptable?
 
08-20-2017 10:58 AM
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TubaCat Offline
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Post: #4
RE: New class at UC
I will say though, that aside from the click-bait title and effort to paint UC in a bad light, this piece was very well researched and still mentions that peer universities generally lost more money and are more secretive. I just don't see why spending so much time highlighting the negatives was necessary when the author's own compiled data shows that UC did better than and is less secretive than its peers.

I think the piece should have been about how US universities' portfolios have performed poorly lately in an up market, while mentioning that UC outperformed and OSU underperformed. It's curious that the author's alma mater (UK) wasn't mentioned... I'm guessing that means they also fared poorly compared to UC.
 
08-20-2017 11:08 AM
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TubaCat Offline
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Post: #5
RE: New class at UC
(08-20-2017 10:58 AM)Ragpicker Wrote:  
(08-20-2017 10:53 AM)TubaCat Wrote:  From the article:

Quote:UC’s investment portfolio lost 1.3 percent.

Quote:The 805 U.S. university endowments responding to the annual National Association of College and University Business Officers survey lost an average of 1.9 percent of their money in the 2015-16 school year.

Quote:UC’s general counsel’s office declared them to be trade secrets exempt from the Ohio Public Records Act. Ohio State University says the contents of its $648 million in hedge funds are trade secrets, too. Unlike UC, OSU refuses to disclose how well, or poorly, its hedge funds performed. Its entire portfolio, 18 percent of which is in hedge funds, lost $128 million, or 3.4 percent.

So, in other words, UC outperformed its peers (particularly OSU, who is even more secretive about their investments). Hardly worth a piece with such a click-bait title. Check out the author's Twitter. All of his pieces are trying to expose what he calls "corruption" and "sleaze." I value journalism that hits the streets to expose corruption by those in power, but this is a total non-story IMO.
Nice spin - it's acceptable because it's less of a loss than another school. Are you losing money in these robust markets? If so, is that acceptable?

If you must know, I have admittedly lost a few percent on my investments the past couple weeks as I invest mainly in tech, and the whole tech market went down after the heated language between Kim Jong-Un and Donald Trump. But I am still up well over the market average over the last 2 years. Check out $AMD for details on that. If I had more than pocket change to invest, my gains would be quite exciting. Alas, that isn't how it works for most recent college grads nowadays.

So yes, I think I see the point you are trying to make about how universities have invested in poorly-performing markets. I agree that with more forethought they could have fared better. But since this is a UC board and not a US higher education board, I think our reaction as UC fans and alumni should be more positive than this article would imply considering UC outperformed its peers and is less secretive about their investments.
 
08-20-2017 11:24 AM
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Bruce Monnin Offline
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Post: #6
RE: New class at UC
This is not the only time I have had the impression that people who run universities are NOT the brightest people in the world. You have to really screw up to lose money since last November.
 
08-20-2017 12:31 PM
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mptnstr@44 Offline
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Post: #7
RE: New class at UC
McNair is a UK grad. Someone needs to ask him why his beloved Wildcats endowment is lower valued than UC's (especially since it is the Kentucky flagship school) and had a very similar drop n value between 2015-16.

This story is a nothing burger written by a Wildcats fan.
 
08-20-2017 01:54 PM
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Ragpicker Offline
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Post: #8
RE: New class at UC
(08-20-2017 12:31 PM)Bruce Monnin Wrote:  This is not the only time I have had the impression that people who run universities are NOT the brightest people in the world. You have to really screw up to lose money since last November.

My thoughts exactly.

You really have to screw up to find yourself in the AAC.
 
08-20-2017 01:55 PM
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crex043 Offline
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Post: #9
RE: New class at UC
(08-20-2017 01:55 PM)Ragpicker Wrote:  
(08-20-2017 12:31 PM)Bruce Monnin Wrote:  This is not the only time I have had the impression that people who run universities are NOT the brightest people in the world. You have to really screw up to lose money since last November.

My thoughts exactly.

You really have to screw up to find yourself in the AAC.
Maybe the Lindner family should be MORE involved in UC's business. They would have never allowed this nonsense.
 
08-20-2017 01:59 PM
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mlb Offline
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Post: #10
RE: New class at UC
(08-20-2017 01:55 PM)Ragpicker Wrote:  
(08-20-2017 12:31 PM)Bruce Monnin Wrote:  This is not the only time I have had the impression that people who run universities are NOT the brightest people in the world. You have to really screw up to lose money since last November.

My thoughts exactly.

You really have to screw up to find yourself in the AAC.
Have we heard it lost money since November? I haven't.

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08-20-2017 02:05 PM
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TubaCat Offline
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Post: #11
RE: New class at UC
(08-20-2017 01:55 PM)Ragpicker Wrote:  
(08-20-2017 12:31 PM)Bruce Monnin Wrote:  This is not the only time I have had the impression that people who run universities are NOT the brightest people in the world. You have to really screw up to lose money since last November.

My thoughts exactly.

You really have to screw up to find yourself in the AAC.

Someone definitely screwed up there. For more details, please refer to the sacking of former president Greg Williams... oops, I mean "sudden resignation for personal reasons." 05-stirthepot
 
(This post was last modified: 08-20-2017 02:48 PM by TubaCat.)
08-20-2017 02:47 PM
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InspectorHound Offline
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Post: #12
RE: New class at UC
(08-20-2017 01:54 PM)mptnstr@44 Wrote:  McNair is a UK grad. Someone needs to ask him why his beloved Wildcats endowment is lower valued than UC's (especially since it is the Kentucky flagship school) and had a very similar drop n value between 2015-16.

This story is a nothing burger written by a Wildcats fan.

He doesn't write for Lexington CityBeat. It might surprise you, but not all pieces of journalism are written because of grudges over college sports.
 
08-20-2017 03:42 PM
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Post: #13
RE: New class at UC
(08-20-2017 12:31 PM)Bruce Monnin Wrote:  This is not the only time I have had the impression that people who run universities are NOT the brightest people in the world. You have to really screw up to lose money since last November.

This article has nothing to do with "since last November." This is the 2015-16 academic year. If you click the links, the performance was for the year "ending June 30th, 2016."

In those 12 months, the S&P 500 (large stocks) was up about 1% and the Russell 2000 (small stocks) was down about 8%.
 
08-20-2017 07:34 PM
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TubaCat Offline
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Post: #14
RE: New class at UC
(08-20-2017 07:34 PM)Captain Bearcat Wrote:  
(08-20-2017 12:31 PM)Bruce Monnin Wrote:  This is not the only time I have had the impression that people who run universities are NOT the brightest people in the world. You have to really screw up to lose money since last November.

This article has nothing to do with "since last November." This is the 2015-16 academic year. If you click the links, the performance was for the year "ending June 30th, 2016."

In those 12 months, the S&P 500 (large stocks) was up about 1% and the Russell 2000 (small stocks) was down about 8%.

That sounds like a key piece of information that helps establish a realistic perspective.
 
08-20-2017 07:46 PM
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Bruce Monnin Offline
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Post: #15
RE: New class at UC
(08-20-2017 07:34 PM)Captain Bearcat Wrote:  
(08-20-2017 12:31 PM)Bruce Monnin Wrote:  This is not the only time I have had the impression that people who run universities are NOT the brightest people in the world. You have to really screw up to lose money since last November.

This article has nothing to do with "since last November." This is the 2015-16 academic year. If you click the links, the performance was for the year "ending June 30th, 2016."

In those 12 months, the S&P 500 (large stocks) was up about 1% and the Russell 2000 (small stocks) was down about 8%.

Ah, that makes more sense. Then why was the article so surprised that the school's investments lost some money?
 
08-20-2017 09:28 PM
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crex043 Offline
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Post: #16
RE: New class at UC
(08-20-2017 09:28 PM)Bruce Monnin Wrote:  
(08-20-2017 07:34 PM)Captain Bearcat Wrote:  
(08-20-2017 12:31 PM)Bruce Monnin Wrote:  This is not the only time I have had the impression that people who run universities are NOT the brightest people in the world. You have to really screw up to lose money since last November.

This article has nothing to do with "since last November." This is the 2015-16 academic year. If you click the links, the performance was for the year "ending June 30th, 2016."

In those 12 months, the S&P 500 (large stocks) was up about 1% and the Russell 2000 (small stocks) was down about 8%.

Ah, that makes more sense. Then why was the article so surprised that the school's investments lost some money?

It's a CityBeat article written by someone with a UK diploma. All facets of the real world will not be considered in such situations.
 
08-20-2017 10:22 PM
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