Tip Your Cap

On the top step of the dugout

Eight months ago (see “Mudville”) I argued for elimination of the risky investments in Princeton’s endowment portfolio (i.e., “hedge funds, private equities, and foreign stocks”). Although the cheering is faint, i think i hear the bleachers (remember when ballparks had them?) beginning to chant: “tip your cap, tip your cap”.

There still may be time to retrieve some of the passed balls and wild pitches that Princo called for, but I suspect that many of them are entirely illiquid (and, possibly, can’t be valued) at the present time. Would someone please call me in the press box and let me know if the endowment has a determinable market value today, and if so, what it is.