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   DealBook: Harvard's investment report card
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   Big college endowments had a bumper year.
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             October 15, 2021
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                  Harvard’s endowment had a great year, but not as great as others did.
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             High grades for college endowments
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             University endowment managers, long criticized for the fees they pay out to private equity firms and hedge funds, have something to show for it: eye-popping returns. Yesterday, M.I.T. reported that its endowment had
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              gained 56 percent
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             in its most recent fiscal year, which ended in June. Yale also published its latest returns yesterday, with its endowment
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              up 40 percent
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             over the same period, its third-highest annual return since 1970. Dartmouth posted a return of
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              nearly 47 percent
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             . Duke reported a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              56 percent return
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             .
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             Harvard, which runs the biggest endowment (worth $53 billion), said yesterday that its fiscal-year return lagged many of its rivals,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              rising a mere 34 percent
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             . Harvard’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              endowment manager said
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             this “tremendous” return nonetheless reflected “the opportunity cost of taking lower risk” than many of the school’s peers.
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              A big reason for the gains is investments with private equity firms,
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             which in some years have
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              received more in fees
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             than endowments have paid out in tuition help. Harvard’s private equity investments, worth a third of its total portfolio, returned 77 percent in its latest fiscal year. Venture capital funds are also recording huge returns: The University of North Carolina logged
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              a 142 percent return
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             from that portion of its $10 billion endowment.
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              Are these returns worth the risk?
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             Many endowments, like Harvard’s, have increased their allocations to private equity, venture capital and hedge funds in recent years, saying that this provides crucial diversification from broader stock and bond market trends. These “alternative” investments can result in outsize returns, subject to hefty fees, but can be less predictable than more conservative choices. The S&amp;P 500 was up about 40 percent in the year to June, putting endowments’ returns in perspective. Even with U.N.C.’s venture capital gains, its total endowment was up 42 percent. Yale’s fund had nearly 40 percent of its portfolio in private equity funds, and matched the return of a diversified index fund.
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              High returns also complicate the debate about big endowments’ tax status.
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             One of the few tax increases that President Donald Trump pushed through was a 1.4 percent levy on the largest university endowments’ investment income. Facing
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              lobbying
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             by the affected institutions, Democrats have discussed
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              reducing the tax
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             as part of the spending bills slowly working their way through Congress. The bumper returns that many schools just reported could make that harder to justify.
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              It’s the first day of Italy’s sweeping vaccine mandate.
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             All workers across public and private sectors are
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              An F.D.A. panel recommends a Moderna booster.
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              Boeing is in more trouble.
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             A former Boeing pilot accused of deceiving the F.A.A. was
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              indicted by a federal grand jury
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             for statements he made about the 737 Max jet, the plane involved in two crashes in which 346 people were killed. Separately, the company is dealing with a
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              new type of defect
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             on its 787 Dreamliner.
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              LinkedIn is shutting down its social networking service in China.
             </span>
             The Microsoft-owned site cited “a significantly more challenging operating environment and greater compliance requirements” in
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              making the move
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             . It was one of the last foreign social networking sites operating in the country — Twitter and Facebook have been blocked for years, and Google left more than a decade ago — and will instead offer users in China a new app focused solely on job postings.
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              Netflix faces outside criticism and internal unrest.
             </span>
             The comedian Dave Chappelle’s special, “The Closer,” was called transphobic by several organizations, including GLAAD. It has thrust Netflix into
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              difficult cultural debates
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             , the kind usually focused on Facebook and Google, which are playing out in heated internal discussions as employees accuse the streaming giant’s executives of facilitating the spread of hate speech.
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             Banks report sunny earnings, but clouds loom
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The nation’s largest banks this week
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reported bumper earnings
             </a>
             for the third quarter,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              propelling the stock market higher
             </a>
             . Profits at Bank of America, Citigroup, JPMorgan Chase, Morgan Stanley and Wells Fargo rose by more than 50 percent, on average. (Goldman Sachs reports later today.) Driving the banks’ earnings increase was a flurry of fee-generating deal-making activity, but other parts of their businesses, like trading and lending, were down.
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             Those six banks hold more than 40 percent of all assets in the sector, which means that their fortunes can provide a pretty good weather vane for the economy in general. Here’s the forecast:
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Partly sunny with unseasonably high temperatures:
             </span>
             Deal-making was strong, with M.&amp;A. fees hitting record highs, a sign that executives are optimistic about the future. Consumers are also opening their wallets, with credit card spending up more than 20 percent in the third quarter, versus a year ago, at Bank of America, Citi and JPMorgan. “If you look at the economy, it’s improving, people are spending more and businesses are going to have to start investing,” Paul Donofrio, Bank of America’s C.F.O., said yesterday.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Late thunderstorms possible:
             </span>
             Trading revenue fell at JPMorgan and Citigroup and rose slightly at Morgan Stanley, reflecting the recent turmoil in markets. What’s more, a good portion of the banks’ earnings in the latest quarter came from tapping rainy-day funds. Bank of America, Citi, JPMorgan and Wells Fargo pulled a collective $6 billion out of accounts meant to cover future loan losses. And loan growth overall was again disappointing. If higher spending shows optimism for today, a lack of lending may be a sign that consumers and businesses still see clouds on the horizon.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Seen and heard
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “We need some of the world’s greatest brains and minds fixed on trying to repair this planet, not trying to find the next place to go and live.”
             </span>
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Prince William,
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               taking aim
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              at billionaires spending their money on going to space rather than on fighting climate change on Earth.
             </span>
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “The state companies are going their own way. They don’t care about the political pressure worldwide to control emissions.”
             </span>
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — René Ortiz, a former OPEC secretary general and a former energy minister in Ecuador, on how
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               government-owned energy companies are increasing production
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              as U.S. and European companies pare supply because of climate concerns.
             </span>
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “It’s a racecar slowing down ahead of a turn, but it’s still going faster than we ever have in our lives.”
             </span>
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Igor Popov, the chief economist at Apartment List, on the
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               rapid rise in rent prices
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              , which is stoking inflation and putting pressure on policymakers to react.
             </span>
            </p>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             In the papers
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              Some of the academic research that caught our eye this week, summarized in one sentence:
             </span>
            </p>
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            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               There are two broad views about why people stay poor, and only one is backed by research. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Clare Balboni et al.
               </a>
               )
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Work requirements for social safety net programs do more to remove people from benefits than to bolster employment. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Colin Gray et al.
               </a>
               )
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Among billionaires, the ultrarich aren’t considered better looking than the merely very wealthy. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Daniel Hamermesh and Andrew Leigh
               </a>
               )
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               A reduction in working hours is linked to a rise in weight among some workers. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Joan Costa-Font and Belen Saenz de Miera Juarez
               </a>
               )
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Violent crime increases on days with higher air pollution. (
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Evan Herrnstadt et al.
               </a>
               )
              </span>
             </li>
            </ul>
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             <tbody>
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               <td style="width:100%;padding:0;line-height:1" width="100%">
                <img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F02%252F18%252Fbusiness%252Fdealbook-icon-glasses-pixels%252Fdealbook-icon-glasses-pixels-articleLarge-v10.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1mbL8W:pKl5Q8d7f8Yx57VTDRcU0c9c2va1RVCWg3ijenbLh_A" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Crypto players mobilize in D.C.
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Coinbase, the cryptocurrency exchange, started a high-profile public policy campaign yesterday, posting its
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              blueprint for crypto regulations
             </a>
             on GitHub, which mainly serves as an open-source software code library, for public comment. “Our purpose in publishing this proposal was to contribute to a broad conversation and to do so openly and democratically,” a Coinbase spokeswoman told DealBook.
            </p>
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             Federal agencies are
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              racing to address the potential risks
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             in the fast-growing crypto industry, and a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              burgeoning lobby
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              Coinbase is flipping the script.
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             Traditionally, lawmakers and regulators solicit comments from the public when considering new rules and regulations. But Coinbase appears to be losing patience, feuding publicly last month on Twitter with the S.E.C. over a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              proposed crypto product
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              But old-fashioned lobbying is still important.
             </span>
             Although Coinbase did not submit its proposal to the Senate Banking Committee, which recently requested input on crypto regulations, it met with staff at 30 congressional offices and engaged directly with at least 20 members of Congress before publishing it, the company told reporters. It also “reached out” to the S.E.C., it said.
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              Crypto advocates are flooding the zone.
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             The venture capital firm Andreessen Horowitz, an early Coinbase investor, submitted its thoughts to the banking panel, and representatives have been
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              making the rounds
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             in Washington this week to advance the firm’s views. Katie Haun, a former federal prosecutor who co-leads Andreessen’s crypto fund,
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              was also in town
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             .
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              “Crypto knows how to get through to members,”
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             Kristin Smith of the Blockchain Association told lawyers this week at a D.C. Bar Association event. The industry’s ability to engage with Congress and encourage enthusiasts to press its policy views is unique, she said. Crypto now has “more of a voice and a seat at the table,” she added. Mobilizing crypto Twitter — a “highly communicative community” — is the industry’s “special tool,” she said.
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            <h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
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               YouTube’s stricter policy against election misinformation led to a drop in misleading videos on Facebook and Twitter, too. (
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               Cybersecurity experts said that plans by Apple and the E.U. to monitor phones for illicit material were ineffective and dangerous. (
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