21 Although the size and legal flexibility of the endowments and Berkshire Hathaway make it possible for them to be more nimble in alter- native investments such as venture capital, real estate and commodities, their consistent out performance reminds me of my trading floor partner at Dillon, Read & Co. Inc. Whenever he found a trader outperforming the market, he would rise from his desk and come out scream- ing across the trading floor, “Explain to me exactly why I am so lucky!” My personal experi- ence with the Harvard Corporation at the time of its spectacular endowment returns during the Clinton administration underscored how some of those returns came at great expense to the US taxpayer, including on the HUD budget, losses on the housing bubble, the Enron debacle and the “Rape of Russia.” The Harvard Corporation and Endowment’s brilliance at sticking back door bills to the taxpayer inspired me to write an editorial proposing that they lose their tax exemption. It was not surprising to see a small tax placed on endowment returns over $500,000 per student in the latest tax reform legislation. The following charts from the 2017 OECD study show a wider comparison of annual nominal returns and real returns (after ad- justment for inflation) with both OECD and non-OECD member countries. The reported underperformance of the US plans below the weighted average is hard to explain given the performance of the US equity markets although the significant drop during 2008 is a major contributor to US underperformance. It would not surprise me if other contributors were IRA’s and defined contribution plans staying out of the equity market after the losses of the financial crisis and bailouts. The challenge for investors was not just the dramatic losses – it was a practical concern with the unaddressed corruption in the financial system.