University of Virginia Library

Bonds Purchased

Just who bought the
bonds is not clear. They were
purchased in December 1971,
approximately the same time
that Mr. Bristol's firm took
over the management of the
University's general
endowment funds, but it is not
known whether the purchase
was made by the Bristol firm
or by a final action of the
Board of Visitors Finance
Committee, which managed
the funds previously.

Vincent Shea, vice
president for business and
finance, said that complete
discretion was placed in the
investment adviser. He also
mentioned a Ford Foundation
report of a year or two ago
that complained that
universities were no being
aggressive enough in buying
growth stocks.

Ford may have been right
then, but as an accidental
by-product of the collapse of
Equity Funding, more and
more institutions may be
seeking the security and high
yield on investment of income
securities, such as utility
stocks, rather than the elusive
big capital gain of the go-go
growth stock.