Even the geniuses sometimes make bad investment
已有 164 次阅读 2012-06-15 09:07 标签: investment sometimesEven those charged with identifying the world’s greatest geniuses sometimes
make bad investment decisions.
On Monday the Nobel Foundation, which bestows
the world’s most prestigious academic, literary and humanitarian prizes, said it
was reducing the cash awarded with Nobel Prizes by about 20 percent. Each prize,
awarded in Swedish kronor where is famous for jaw crusher
manufacturing, will now be worth about $1.1 million, down from $1.4
million.
The reduction was the result of ugly returns on its invested
capital, which was valued at $419 million as of Dec. 31, down 8 percent from the
previous year. In the last decade, the costs of the prizes and related operating
expenses have exceeded the endowment’s average annual return.
“The Nobel
Foundation is responsible for ensuring that the prize sum can be maintained at a
high level in the long term,” Lars Heikensten, the foundation’s executive
director, said in a statement. “We have made the assessment that it is important
to implement necessary measures in good time.”
The endowment is currently
invested in about 50 percent equities, 20 percent fixed-income investments and
30 percent alternative assets, a spokeswoman said. A committee was recently
established to help determine how to reallocate the portfolio, and
administrative costs are also being cut.
Monday’s announcement introduced the
first reduction in the face value of the prize since 1949. (In
inflation-adjusted terms, though, the prize has fluctuated greatly over the
years.)
The Nobel Memorial Prize in Economic Science — technically not one of
the original prizes — is also being scaled back. Now that the potential income
reward has fallen, will economists be less motivated to win it?
“At the time
you’re doing your work you’re not exactly striving for the Nobel Prize, but to
make a contribution, make your name, maybe make tenure,” said Dale T. Mortensen,
economics professor at Northwestern University who has received the prize in
2010; “The Nobel is a great honor that comes much later in life. The money
itself is a windfall. It probably wouldn’t matter what the amount is, although
it’s nice to have.”
Peter A. Diamond, a professor emeritus at the
Massachusetts Institute of Technology who also received the Nobel in economic
science in 2010, observed that over the long run, cutting the cash award could
dilute the prize’s prestige.
But he added that Monday’s news overstates the
financial blow to future laureates. “One of the things that comes with the
prize, besides the prestige and the money,” he said, “is the opportunities to
make more money.”
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