Hell and the University of Texas endowment

Lee Wishing
Are your investments underperforming? Feeling bewildered? Join the giant club of confused Americans who self-direct their portfolios. Maybe we should look to the Lone Star State to regain our financial swagger. No, I'm not talking about Texas Governor Rick Perry. Forbes magazine reported last April that the University of Texas endowment held $1 billion in gold. An endowment holding gold? On the surface, that sounds absolutely crazy. Most non-profits rely heavily on endowments to generate investment income to fund operational expenses or charitable priorities like scholarships. Gold doesn't generate any interest or dividends or provide equity in a company. While the University of Texas was getting into gold, one of the world's great currency speculators, George Soros, was getting out. "The biggest asset bubble (overpriced investment) is gold," he said. Yet, another great investor, John Paulson, who generated $20 billion betting against subprime mortgages, made a multi-billion dollar...(Read Full Post)

COMMENTS ON AMERICANTHINKER