Category Archives: education

Whither This Year’s MBAs?

One thing drilled into every MBA student is that sunk costs are irrelevant, while opportunity costs are paramount. Which is a lesson this year’s graduating class will put to good use. Let’s say that in any given year, there’s a … Continue reading

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What they Used to Teach You at Stanford Business School

Chris Wyser-Pratte, who got his MBA from Stanford in 1972 and then spent the next 23 years as an investment banker, sent me the following note last night. I’m reprinting it here with his permission: I learned exactly seven things … Continue reading

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Harvard: Still Rich

Let’s put this in perspective, shall we. Yes, a 22% drop in 4 months is pretty gruesome. But Harvard’s endowment is still ginormous, by any standards, even those of the relatively recent past. Here’s how Harvard’s endowment has grown of … Continue reading

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Endowments Dump Private Equity Stakes

University endowments such as Harvard’s are almost uniquely well-suited to invest in private-equity funds: since they’re permanent pools of capital, they can ride out market fluctuations and illiquidity, and hold their stakes for decades if necessary until they mature. Or, … Continue reading

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Even Harvard’s Feeling the Pinch

Harvard president Drew Faust is worried about the university’s endowment: As a result of strong returns and the generosity of our alumni and friends, endowment income has come to fund more than a third of the University’s annual operating budget. … Continue reading

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When Colleges Speculate, Part 2

David Turner reports on a deal structured by Clare College, Cambridge: One of Cambridge’s oldest colleges has borrowed money for the first time in its 700-year history in a "sensational deal" devised to take advantage of the investment opportunities presented … Continue reading

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Footnote of the Day

As cited by Z (a/k/a Olivier Fouquet), a commenter at Crooked Timber: In fact, almost all non trivial results of [...] can be put in the following tripartite classification: (a) Results for which a (sound) reference is given, but of … Continue reading

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Shareholder Activism, K-12 Edition

The shareholder-activist playbook is simple. "You are working for us," say a group of outspoken people who know how to throw their weight around and how to apply pressure to the board. Pretty soon, the board is putting pressure on … Continue reading

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The Public School vs Private School Debate

Tyler Cowen brings up one of my favorite subjects: the dollar value (as opposed to the dollar cost) of private schooling. And I’m happy he comes down on my side of a question which will never be resolved to everybody’s … Continue reading

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Google’s Top 10 Universities

Vanity Fair has a wonderful oral history of the internet, full of real gems. About 11,000 words in, we get to Google’s Larry Page: One of the first things we did was just understand the relative importance of things. It … Continue reading

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