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supposed to be fashionable to do, you know, with how to manage endowments. Do you have any comments on--

Well, I know what you're talking about. No, it was--

Or was it Harvard [laughter]?

No, it was the Ford Foundation--

That's right, that's right.

--that came out with a report saying that the universities were totally negligent because they were so conservative in their investments that they weren't--that that was why they were in trouble, and that they should go out and be courageous and invest boldly--.

In stocks!

--in stocks. And the Ford Foundation practically--and this was under Mac [McGeorge] Bundy--the Ford Foundation practically was threatening the universities with not giving them any funds unless they changed their ways. So they all changed their ways and got into equities just as the market collapsed [laughter], and most of the universities took a terrible licking. That was about early 1970s, I think.