
August 27, 2022 - U of Texas Endowment Blows Past Yale, Challenges Harvard as Richest in Nation, Thanks to Oil Investments
U of Texas Endowment Blows Past Yale, Challenges Harvard as Richest in Nation, Thanks to Oil Investments by Tyler Durden
Appeared in Zerohedge on August 24, 2022
Gina's Thoughts
"While ivy league universities like Harvard are busy virtue signaling about how they won't be including fossil fuel investments in their endowments, one university has been ignoring the ESG pressure - and has seen its endowment rise to the second largest in the US as a result." In the oil-rich and oil-reliant state of Texas, divestment is not discussed and this has led to a burgeoning endowment fund for the University of Texas. In fact, in response to divestment calls, the University's management company points to a clause in its investment policy statements, which says that The University of Texas/Texas A&M Investment Management Company (UTIMCO) is prohibited from using any funds to "achieve temporal benefits for any purpose including use of its economic power to advance social or political purposes." InvestNow would like to see such clauses make their way into Canadian University investment policy statements. Let's get back to fiduciary duty being at the top of the list for making investment decisions. In the words of William Goetzmann, a professor of finance and management studies at Yale University's School of Management, "Adjusting your portfolio for social concerns is not costless."
Read Article 