If Oxford faced a potential liability in the billions, I’m sure it would insure.
The managers of Harvard’s endowment circa 2008 would beg to differ, I think. (It lost about $10 billion, nearly a third of its value.)
It seems like for some of these institutions, how long of a view they take is substantially determined by contingent factors like who’s the university president at the time.
I’m sorry, I don’t quite understand your point. There’s a huge difference between investment risk, for which you are paid the equity risk premium, and the sorts of things people insure against.
The managers of Harvard’s endowment circa 2008 would beg to differ, I think. (It lost about $10 billion, nearly a third of its value.)
It seems like for some of these institutions, how long of a view they take is substantially determined by contingent factors like who’s the university president at the time.
I’m sorry, I don’t quite understand your point. There’s a huge difference between investment risk, for which you are paid the equity risk premium, and the sorts of things people insure against.