Harvey Weinstein’s Media Enablers

.. we’re hearing a lot about how the story of his misconduct was “the worst-kept secret” in Hollywood and New York.

.. The real story didn’t surface until now because too many people in the intertwined news and entertainment industries had too much to gain from Mr. Weinstein for too long. Across a run of more than 30 years, he had the power to mint stars, to launch careers, to feed the ever-famished content beast. And he did so with quality films that won statuettes and made a whole lot of money for a whole lot of people.

.. “The unfortunate reality of Hollywood is that if someone has money, then they can generally find some kind of audience of people who are interested in working with them,” said Kim Masters, the editor at large at The Hollywood Reporter. This was particularly true of Mr. Weinstein, who, she said, was known for having “the golden touch” that produced “Pulp Fiction” and “Good Will Hunting,” “The King’s Speech” and “Shakespeare in Love.”

.. She said she wanted to believe that times were changing, given the number of women who have put their names to the words that derailed the careers of Bill Cosby, who faced criminal charges that resulted in a mistrial this year, and Bill O’Reilly. But she also wondered aloud whether trouble had finally found Mr. Weinstein because he was no longer the rainmaker and hitmaker he had once been.

..Ms. Bloom has attributed his missteps to his status as a “dinosaur” who is now “learning new ways.”

.. there is a long tradition of disgusting harassment of women who try to make it in the movie business. (Jack L. Warner, a founder of Warner Bros. studios, was no saint.)

.. Mr. Weinstein paid off his latest accuser in a confidential settlement.
.. he was allegedly harassing women in five-star hotel rooms across the globe even as his company was distributing films like “The Hunting Ground,” a 2015 documentary about sexual assault on college campuses. He also helped endow a “Gloria Steinem” faculty chair at Rutgers; joined a national women’s march in Park City, Utah, in January; and was a big fund-raiser for and supporter of Hillary Clinton.
.. State Street, the bank behind the famous “fearless girl” statue staring down the Wall Street bull, paid $5 million to some 300 female executives after a federal audit determined it had paid them less than their white male counterparts
.. Mr. Weinstein had his own enablers. He built his empire on a pile of positive press clippings that, before the internet era, could have reached the moon.

.. Every now and then, glimpses of his nasty side spilled out, like when he placed the reporter Andrew Goldman in a headlock and dragged him out of a party in 2000. Someone who was involved in that altercation, Rebecca Traister, wrote in New York’s The Cut on Thursday that it didn’t get the media attention it deserved because “there were so many journalists on his payroll
.. Let’s hope that those in the know did not include members of the Los Angeles Press Club, which this year gave Mr. Weinstein its “Truthteller Award,” calling him an example of “integrity and social responsibility,”
.. Mr. Weinstein has hired the emerging leader of anti-press jurisprudence, Charles Harder, who brought the case that put Gawker out of business last year.
.. what the cost would be and for the editors and reporters who conveniently didn’t bother to look into the tales making the rounds.
.. “I guarantee there are many more rocks to overturn.”

Break Up the Liberal City

if they are innovation capitals it’s a form of innovation that generates fewer jobs than past technological advance. If they produce some intellectual ferment they have also cloistered our liberal intelligentsia and actually weakened liberalism politically by concentrating its votes.

.. Liberalism has become more smug and out-of-touch; conservatism more anti-intellectual and buffoonish. The hive-mind genius supposedly generated by concentrating all the best and the brightest has given us great apps and some fun TV shows to binge-watch, but the 2000s and 2010s haven’t exactly been the Florentine Renaissance.

The Money Management Gospel of Yale’s Endowment Guru

Certainly no school has incubated as many endowment managers as Yale.

.. Mr. Swensen is legendary in the rarefied world of endowment management. He has pioneered an investment strategy that expanded Yale’s portfolio from a plain-vanilla mix of stocks and bonds to substantial holdings in real estate, private equity and venture capital, along with other alternatives. Until then, the typical endowment was far more conservative.

.. he is one of the most influential people in a generation that has seen endowments grow tremendously in importance at premier institutions. Yale’s endowment now provides 33 percent of the school’s budget, compared with 10 percent in 1985.

.. Mr. Swensen’s route to the endowment world was circuitous, though. “My father and my grandfather were both chemistry professors,” he said. After earning a doctorate in economics from Yale in 1980

.. while he was researching bond prices at Salomon Brothers for his Ph.D. dissertation, “they offered me a job

.. In 1985, the Yale provost, William C. Brainard, plucked him from Wall Street and asked him to take over the school’s $1 billion endowment.

.. His acceptance meant an 80 percent pay cut. But Mr. Swensen says he never regretted returning to work for an academic mission. “I am in the fortunate position of making very good money,” he said, for something he loves doing. He made $5.1 million in 2014, the latest numbers available.

.. Part of that process soon included the weekly meeting to debate investment ideas. “Seeing that there was a debate, even at the most senior level, taught everyone to have their own view,” Mr. Golden said.

.. “I think that if you write your argument down, you might recognize flaws in it.”

.. There are some categories of manager that turn Mr. Swensen off, like the “asset gatherers,” as he calls them, often famed for building mammoth investment funds by attracting scores of individual investors. “The Bill Grosses and Peter Lynches are about asset gathering” he said, referring to one of the founders of Pimco and to the former manager of Fidelity Investments’ Magellan Fund. “More assets produce more fees, but they force managers to add more positions, not just Grade A ideas,” he said.

.. Nor does leverage — the use of borrowed money to try to amplify returns — appeal to the Yale team. “We want managers who are interested in improving operations as a way to create value, as opposed to financial engineering,”

.. Mr. Swensen also has little patience for some activist investors like William A. Ackman of Pershing Square Capital Management, who has mounted public battles aimed at spurring target companies to revamp. “The drill is that they want return of capital, whether it comes from cash distributions or stock buybacks. That is an extraordinarily short-term orientation,” Mr. Swensen said. “By and large, American companies are underinvesting for the future, and a lot of that has to do with either implicit or explicit pressure from activists.”

.. Former analysts describe how they learned to be careful observers of personality and engagement when vetting prospective money managers. “We learned to look for managers who know their portfolios well,” said Paula J. Volent, senior vice president for investments atBowdoin College. “If they have to look at a piece of paper in a meeting, then they don’t really know.”

.. This is a partnership, and there will be tough times, so how will it be then?” she said. Wesleyan didn’t give him the money.

.. Mr. Swensen says he is pleased when his analysts go to the nonprofit world. He never considered leaving Yale and was disappointed when, in 2007, Mohamed El-Erian quit as head of the Harvard endowment, after less than two years, to return to Pimco.

.. Mr. Swensen required a fee structure “where managers did not get any of the profits until there was a 6 percent hard return, or whatever number an investor could get from a passive investment at that time.” The money managers objected — they wanted 20 percent on the entire profit — but lost. “David’s way is fairer,” she said.

.. Mr. Swensen acknowledges that, going into 2008, “We were too illiquid, and now we are not as illiquid. We want 50 percent of our assets in liquid investments,” he said.

.. she has “a lot of money in global macroeconomic funds.” She added, “They have been great for us, but David hates that area. He thinks no one can anticipate changes in currencies and interest rates.”

.. over a 20-year run, Yale’s average annual return has been 12.6 percent compared with 7.4 percent for the 60-40 portfolio.

Rich, Stingy Colleges

Call them the top 4 percent: elite private colleges and universities that together sit atop three-quarters of the higher education terrain’s endowment wealth.

.. Among that group of 138 of the nation’s wealthiest colleges and universities, four in five charge poor students so much that they’d need to surrender 60 percent or more of their household incomes just to attend, even after financial aid is considered.

.. Unlike other nonprofit organizations, colleges and universities aren’t obligated to spend at least 5 percent of their endowments on mission-related expenses.

.. A Congressional Research Service report from last December estimated that if returns from private college endowments were taxed at 35 percent, the government would collect $11 billion in revenue, based on 2014 figures—money that could be spent helping low-income students.

 .. Amherst College reported that if it spent 8 percent of its endowment annually rather than 5 percent, it would lose 60 percent of its wealth in 25 years. But the Education Trust report’s authors said a little bit of extra spending can go a long way. In the 67 schools they reviewed, just increasing the endowment-spending rate from around 4.5 percent to 5 percent could free up resources to cover the tuition for nearly 2,400 new students, the report found.