Saturday, November 24, 2018

Listen to the Regents Investments Subcommittee Meeting of Nov. 13, 2018

We are finally catching up with the Regents meeting of Nov. 13-15 with the Investments Subcommittee of Nov. 13. There is discussion (although not in this session), by the way, of making this subcommittee into a full-fledged committee and giving it some authority to approve related salaries, etc. 

The purpose of these meetings, one supposes, is to demonstrate due diligence and responsibility of the Regents for the various funds under UC management. During periods in which market returns are strong, there is a report of the happy news. During periods in which there are market difficulties, there is much talk about risk, taking the long view, patience, holding down administrative costs, creative steps to reduce excess liquidity so as to obtain higher returns, public equities vs. private and how to decide how much to put into the latter, etc.

As the S&P 500 chart suggests, this meeting took place in a difficult period. Things were booming along until the start of 2018. Thereafter, problems arose. So the meeting reflected that development.

On the other hand, there was no explicit discussion of the recent bad PR received by the Office of the Chief Investment Officer that we have noted in prior posts:

You can hear the audio of the meeting at the link below:

or direct to:

We are not quite done with the Regents in 2018. There will be an off-cycle meeting of the health committee on Dec. 11 (which we will duly preserve).

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