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.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
