Author Archives: James Ellis, CFA

About James Ellis, CFA

Senior Consultant

Keeping College Affordable

Arnerich Massena recently released a white paper that outlines solutions to funding public university operating budgets in light of lower public funding sources at the state and local levels. Increasing tuition has provided relief to budget funding, but this solution comes at a high, undesirable cost to society. In order to solve this significant challenge, the paper identifies the following key solutions: Read more »

College endowments are performing poorly; why and what can they do about it?

A new study from Georgetown University and NYU’s Stern School of Business looks at major endowments’ portfolios between 2009 and 2016, and the news is not good. Using publicly available IRS filings, the study found that the median annual returns were 5.53 percentage points below a classic 60/40 mix of equity/Treasury bond investments. Coming in at only 3.75%, the median return was even 1.14% below the 10-year Treasury bond return. Read more »