I remember how it was -- JR
Riches and Rankings: Washington U’s Soaring Endowment
I read media accounts of a truly astonishing 65% rate of return on investments in the endowment of Washington University in St. Louis in the 2020-2021 academic year. Markets were booming in that period; the Dow-Jones Industrial Average rose by about one-third. News reports suggest high return at many other schools, for example an extremely robust 49% at the University of Virginia.
I have been blessed with teaching or studying at five of the top 50 schools in the new rankings of the Wall Street Journal (including one school listed by Forbes, the Journal and U.S. News in their top 10). I think I have seen perceived academic excellence over the years, and indeed initiated college rankings for Forbes over a decade ago.
The best schools vary sometimes considerably between rankings—Forbes #1, University of California -Berkeley, is a so-so #36 in the Journal’s list. But one generalization holds: a large majority of the top schools in all three rankings are private institutions with large endowments. Take the Midwest. The top five schools based on an average of all these three major rankings are Northwestern, University of Chicago, University of Michigan, Washington U. in St. Louis and Notre Dame. Based on 2020 numbers, they also have the five largest endowments of all midwestern schools. Money seems to buy better students via bigger scholarships, more prestigious professors, etc.
Wash U’s endowment rose in the pandemic year 2020-21 from below $9 billion to above $15 billion. The school has about 15,000 students. If it spends just four percent of endowment principal annually for operations, last year’s gain should ultimately add about $240 million annually to Washington U’s spending capacity—about $16,000 for each of the roughly 15,000 students. Real money. (Full disclosure: Wash U is one of those five schools where I have taught or studied).
While “money matters—a lot,” it is also not true that “money alone matters” in terms of assessing quality. In 1988, there were eight public universities (generally less reliant on endowment income) in the top 25 on the US News national university list. Today, the number is four—the private schools have generally gained relative to public ones. And some of the public universities (probably most noticeably the University of Virginia) have limited enrollments but large endowments, acting much like private schools.
Five years ago my student and research aide at the Center for College Affordability and Productivity, Justin Strehle, and I analyzed the impact of endowments on universities. We hypothesized “surely the infusion of cash from endowments to fund instruction and faculty at higher levels and enhance research efforts should have a salutary impact on school reputation.” Running regression equations on this, we concluded “the results, while statistically significant, are not overwhelmingly strong.” In the case of a school like Wash U, generally now ranked highly, between 14 (US News) and 33 (Forbes) in the rankings, a big infusion of investment income might raise its rankings perhaps two or three places. That is particularly true this year, as competing top schools also likely had healthy endowment gains from an exuberant stock market and will be seeking the same star students and professors.
Therefore, Wash U Chancellor Andrew Martin’s assertion that the 65% return “is a game-changing moment for us as an institution,” may be a bit of an overstatement. The long run rate of return on investments is probably well below 10%, and markets fall as well as rise. Many investment valuations today are high by any historical norm, and frankly I see more national pessimism than optimism regarding the future, often a precursor of market decline or stagnation.
One thing I predict Wash U will not do (based on experience of other schools that Strehle and I have observed): drastically lower the price. My guess is the school could lower its sticker tuition price by $20,000 and easily fund it from increased endowment revenues, but doing so would be giving up some tuition dollars of affluent students that I doubt the school wants to do. Endowments usually do relatively little to make college cheaper and more egalitarian, but a lot to make the staff more comfortable and a bit more affluent. Let’s see what happens in St. Louis.
https://www.independent.org/news/article.asp?id=13775
*****************************************UCLA Suspends Professor Because He Won’t Grade Blacks Easier
UCLA has suspended a professor because he told black students that he wouldn’t grade them more leniently than he does other students.
Gordon Klein, an accounting professor at the university’s Anderson School of Management, was suspended after he sent an email to his class telling them that he won’t woke his classroom to satisfy leftist activists.
Some black students reportedly whined to school administrators over the “tone” of the prof’s email.
The email was Klein’s response to a buttinski, leftist white kid’s attempt to “help” black students by demanding that Klein grade black kids at a lower standard.
Because, you know, all liberals think blacks are too stupid to learn things at the same level as white kids.
Per The Blaze:
The professor’s email was a response to a non-black student asking that black students be provided special consideration and accommodations due to Floyd’s death in May 2020 and the protests that followed. The student in question reportedly requested a “no-harm and shortened final exam, and extended deadlines for final assignments and projects in consideration of black students’ well -being in light of nationwide protests against police brutality.”
The student added, “This is not a joint effort to get finals canceled for non-black students, but rather an ask that you exercise compassion and leniency with black students in our major,” and asked the professor to consider grading the course “on a curve” for black students.
In response, Klein wrote, “Thanks for your suggestion in your email below that I give black students special treatment, given the tragedy in Minnesota. Do you know the names of the classmates that are black? How can I identify them since we’ve been having online classes only? Are there any students that may be of mixed parentage, such as black-half Asian? What do you suggest I do with respect then? A full concession or just half?”
Klein then questioned the possibility that a “white [Minneapolis] student” might “possibly be even more devastated” by Floyd’s death.
He also quoted Martin Luther King Jr. and said, “Remember that MLK famously said that people should not be evaluated based on the ‘color of their skin.’ Do you think that your request would run afoul of MLK’s admonition?”
The school quickly put Klein on suspension over the woke attacks.
Then the idiots running the school bowed and scraped to the leftist students and apologized for Klein’s email and said the school was “investigating” the email.
Finally, Klein has taken the right action by suing the school over the idiotic treatment they’ve afforded him.
By any rights, he should win
https://flagandcross.com/ucla-suspends-professor-because-he-wont-grade-blacks-easier/
**************************************Australia: Brisbane named among top cities in the world for students
Despite the international education sector being hit hard by the pandemic, Brisbane is still one of the best cities in the world for students according to a major new study.
Brisbane has been named as one of the top 10 cities in the world for students thanks to its reasonably priced rent, young population and safety in a new international study.
The Best Student Cities in the World index for 2021 has been released by international student company Studee, and named the River City at No.9 in the world, ahead of fellow Aussies cities including the Gold Coast (14), Canberra (16) and Sydney (18).
Researchers found Brisbane scored above average in six of the nine categories which were analysed, including on the costs of rent and living, food options, free speech and safety.
But Brisbane was trumped by Melbourne at No.2 – which was applauded for its exceptional food scene, cheap technology and safety – along with Adelaide (5) and Perth (7).
Japan’s Tokyo came in at No.1, thanks to its high number of world-class universities, high internet speeds, and high levels of free speech.
Canada’s Quebec and Montreal also made the list, along with Seoul, Houston and Pittsburgh.
Studee president Jihna Gavilanes said deciding where to study was a huge decision for prospective international students.
“With so many options available, choosing where to study can feel overwhelming, especially if you're moving away from home for the first time,” she said.
“The things that are important to one student won’t be to another, so our ranking system uses several factors that actually make a difference to students.
“You’re not just choosing where to study, you’re picking the place you will call home and the neighbourhood where you could start your career.”
Researchers also took into account a city’s internet speeds – for which Brisbane was rated among the lowest of the top cities – as well as the cost of a MacBook and what percentage of the population was aged between 15 and 24-years-old.
“When choosing where to attend university or college, you need to consider everything that could impact your experience,” Ms Gavilanes said.
“Your surroundings, the cost of living, and your social life are all factors you should think about before deciding where to enrol.
“Getting an education can be expensive so you must find the right place that works for you for the next few years and beyond.”
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My other blogs: Main ones below
http://dissectleft.blogspot.com (DISSECTING LEFTISM)
http://antigreen.blogspot.com (GREENIE WATCH)
http://pcwatch.blogspot.com (POLITICAL CORRECTNESS WATCH)
http://australian-politics.blogspot.com/ (AUSTRALIAN POLITICS)
http://snorphty.blogspot.com/ (TONGUE-TIED)
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