<p>Write a letter? lol. I’m not against capital markets per se lol, just *overhype<a href=“e.g.%2099%%20of%20the%20market”>/i</a>. Now I’m probably still very much misinformed, but I simply see very little utility in touching the market at all when it has such absurdly high P/E ratios and so much irrational behaviour. In such a case I believe, it is accurate to call the entire setup a pyramid scheme. </p>
<p>Especially when you’re talking about managing institutional wealth like endowments (which by definition should be for the long-term) and tossing them into games so dependent on others’ irrational behaviour … or worse, founded on irrational behaviour. </p>
<p>It seems much safer and responsible to use institutional wealth (especially wealth meant for the welfare of hundreds of thousands of students, faculty and alumni) to build something of lasting institutional value. </p>
<p>And yes, at this point my limited education can only make me conceive of rent-charging empires, and yes, you will argue from tradition and say that things have been done the capital market way for hundreds of years for a reason (despite the drastically different nature of those markets today and 150 years ago). In that case, please better inform me. I can’t be much worse than them Cav Daily editorials.</p>