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By John Tamny, RealClearMarkets
The University of Texas is famous for having the second largest university endowment in the country, behind that of Harvard. Less known is that UT’s second-place ranking is an accounting abstraction.
In truth, for years the overseers of the endowment marked each barrel of oil on the endowment’s books at a value of $2.50/bbl. despite economic realities revealing something very different. So while adherence to accounting rules gave UT the nation’s "second" largest university endowment, no one in the know actually took the ranking seriously.
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