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Endowment Comments

Two points about the ongoing debate over whether Williams should sell the oil and gas assets in its endowment.

First, oil and gas assets do not necessarily help boost the performance of the Williams endowment.

Williams endowment earned -1.5 percent for the year ended June 30, 2016, even though its managers held oil and gas assets. Yale’s endowment, by contrast, where managers are selling out of the oil and gas sector, earned +3.4 percent over the same period.

Second, there seems to be some confusion what it means when critics say Williams’ trustees have financial interests in oil and gas assets.

Critics pressing Williams to sell oil and gas assets do not make a priority of trustees holding oil and gas stocks through retirement or personal mutual funds.

They are more concerned about trustees who, through their jobs, profit from dealing in oil and gas.

A trustee who works in an academic institution whose retirement fund owns Exxon stock is one thing.

A trustee who works for a private equity fund restructuring an oil and gas company to maximize the return upon its sale to a third party is another thing.

A hedge fund trading in and out oil and gas assets to boost quarterly earnings is a third thing.

A review of the current roster of 21 trustees suggests that, through their jobs, as many as 10 have active financial interests in the oil and gas sector.

Thus, any vote by the trustees on whether or not the Williams endowment should sell out of the oil and gas sector begins with a financially interested bias on the part of up to half of them.


What’s Really Wrong with Housing: Statistics and More

To put it simply, I believe a closer analysis of the Neighborhood Review Committee reports will give a lot of insight into the recent actions the College has taken.

First, let’s examine the claim that “The 2009 survey data on Neighborhood housing make clear that students are dissatisfied.” That is from the Interim Report of the Neighborhood Review Committee, October 2009 [1]. This report described what the NRC found in May 2009 when they surveyed the student population. First of all, only 30% of the on-campus student body took the survey. That is not a lot. The report also says that more info was taken from past surveys, etc.

The Final Report of the Neighborhood Review Committee Part Two, April 27, 2010, notes that “[student surveys] added nuance to the most vocal complaints [about the neighborhood system]: some student dissatisfaction could be attributed to factors other than the neighborhood system and a substantial proportion of students believed the overall goals of the system were worthy” (1) [3].

The report continues, “Indeed, during the public forums of the fall, the NRC did not hear as much public criticism about the Neighborhood system as some of us imagined we would hear.

The comparative lack of criticism this academic year does not necessarily mean that the dissatisfaction had gone away or that many students were suddenly pleased with the Neighborhood system as a whole or with their individual Neighborhood. But it does suggest that what had been identified as dissatisfaction with the Neighborhoods was a complicated phenomenon” (1) [3].

Let’s take a closer look at the data to get a better understanding of these nuances. The class of 2009 was the last class to be under both the free-agency system and the neighborhood system, even though they were only in free-agency for their freshmen year. (Keep in mind that this is only the 5th year the neighborhood system has been around. It was instituted 2006-2007 [2].) They got the worst of both worlds–the un-unified freshmen experience and the lack of choice from the neighborhood system. At the time, they were randomly assigned neighborhoods, and penalized for trying to switch.
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What’s Really Wrong with the Housing System: It’s the Economy, Stupid

Hi. I’d like to use the opportunity of my first real post to introduce myself. I am Brad Polsky ’12. An Art History and Practice major, I like playing jazz and eating Italian food, amongst other things.

I am writing tonight about the housing system. If you’re reading this post, you probably already know about David Kane’s Housing Plan. If not, take a look at the posts entitled “Housing Seminars.” Dave’s plan is very detailed (18 pages long) and a good read.

However, as a student currently at Williams who is interested in the outcome of the housing debate, I cannot recommend Dave’s plan. My two main points are:

1) Don’t fix it if it ain’t broke
2) What may work in theory may not work well in practice.

I will then talk about what should be done to fix the current housing issues.

Everything’s Just Fine

In Dave’s executive summary, he gives a list of assumptions we have about housing. One that he neglects to include is that he assumes the housing system now is bad/inefficient/[insert other negative adjective here]. David says there is evidence for this: “students recognize this.” Which is funny, because he says a sentence later that he doesn’t know this but he’s sure that if students were polled they would surely agree with his view.

I’m not so sure about this. I live in Currier Neighborhood. I have friends in all other neighborhoods. Almost all people seem happy with their neighborhoods and houses, or, at the very least, are not miserable (I strongly agree with Dave on one goal of housing to minimize misery). One of my biggest issues with the system had been that it really locked you into your neighborhood, and you were penalized for trying to get out.

This has changed. There are no longer penalties for switching out. I know many people who have switched, to be closer to their friends, to get (in their eyes) better housing, or for other reasons. As I said, most people seem happy with the system and their individual situations, and if they are not they can easily switch.

And despite some of the neighborhoods not really being neighborhoods (i.e., Wood), the system has its own way of working. In Currier, the housing is rather homogeneous; there are no spectacular rooms or under par rooms. Dodd is acknowledged to have the worst sophomore housing, but housing junior and senior year in that neighborhood makes up for it. Spencer has Morgan (it used to have West; I’ll get to that later), and Wood has the beautiful row houses. As a Williams student in the neighborhood system gets older each year, she has a better pick of rooms in more locations. There is a logic to this system.
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