UM - Among top 20 US universities w/ wealthiest alumni

[TheMatador]

Because you usually pop in with ridiculous incorrect hot takes.

You just don't get my humor. And I don't care whether you do or not....I usually do it to amuse myself.

So sorry it seems to bother you....

 

[OriginalGatorHater]

No, I get your humor. It doesn't bother me. I am talking about when you actually input your opinions. Not when you are trying to be funny.

 

[The Owl]

Also, you may even be a "smart" person and just due to bad luck your 2-3 investments end up failing and you are broke.

If you have 20+ mil in cash that you are investing and 2-3 bad investments makes you go broke, you have extremely bad risk management. These types of things have much less to do with bad luck and much more to do with poor understanding of proper investment sizing. Bad risk management has destroyed multi-billionaire hedge funds in the past (Amaranth Advisors just to name one).

 

[OriginalGatorHater]

If you have 20+ mil in cash that you are investing and 2-3 bad investments makes you go broke, you have extremely bad risk management. These types of things have much less to do with bad luck and much more to do with poor understanding of proper investment sizing. Bad risk management has destroyed multi-billionaire hedge funds in the past (Amaranth Advisors just to name one).

That is easy to say from the outside looking in, but in reality that is not 100% true. You could make 2-3 bad 5 mill investments, that look great on paper, and maybe would have even been a great investment historically, but due to unforeseen issue, don't work out.

As others have stated before, if 30 mill falls into your lap and you just decide to give it your FA and let him handle it and live a modest life. You will never go broke, but lots of people that actually made the 30m are going to aggressively invest it and it could all be gone in an instant.

 

[Cortez55403]

God ****, Stanford and Harvard have some rich alumni.

Harvard’s lead over #2 Stanford is shockingly wide. Harvard has 13k plus grads with over $30 million in assets vs 7k for Stanford. Impressive.

Harvard Trivia:

1) did you know that undergraduates at Harvard cannot major in business or take any “business” courses per se. The curriculum follows the classic liberal arts model where your undergraduate education is designed for you to emerge classically “educated” rather than prepared for a particular kind of job or profession. If you want a business education, you go on for an MBA.

2) did you know that 95% of Harvard undergraduates live for all 4 years in university housing (the “Houses”) rather than off campus and that 95% of them graduate in 4 years?

 

[3FW]

If you don't think $30M is rich, your are a ****tards.

 

[prinmemo]

Also, am I missing something here? Everyone is saying millions but the article clearly states 309 billion. Also, lulz at anyone saying 30 mil isn’t rich, just stop.

She fixed the article. I sent her an email telling her the numbers didn’t tie. She changed Princeton from $1.1 billion to $1.1 trillion after I gave her the Bezos example.

 

[prinmemo]

Harvard’s lead over #2 Stanford is shockingly wide. Harvard has 13k plus grads with over $30 million in assets vs 7k for Stanford. Impressive.

Harvard Trivia:

1) did you know that undergraduates at Harvard cannot major in business or take any “business” courses per se. The curriculum follows the classic liberal arts model where your undergraduate education is designed for you to emerge classically “educated” rather than prepared for a particular kind of job or profession. If you want a business education, you go on for an MBA.

2) did you know that 95% of Harvard undergraduates live for all 4 years in university housing (the “Houses”) rather than off campus and that 95% of them graduate in 4 years?

Harvard also has many more living alumni than Stanford and other comparable schools. They have 371,000 living alumni. Princeton has 91,000. Stanford 220,000.

When you control for size the top schools are basically the same.

 

[Cortez55403]

Harvard also has many more living alumni than Stanford and other comparable schools. They have 371,000 living alumni. Princeton has 91,000. Stanford 220,000.

When you control for size the top schools are basically the same.

Prin,

Interesting stat. I’m imagining that Princeton will fall off. Why? Harvard and Stanford have Law School, Business School and Medical School among its graduate programs. Princeton has none of those. It’s primarily an undergraduate school plus selective PhD programs. Those professional schools at Harvard and Stanford can produce wealth.

Going forward, my guess is that Harvard and Stanford will dominate. Top undergraduate education paired with PhD and professional schools that lead their fields.

Miami is impressive, however. Proud of the U in this elite competition.

 

[TheMatador]

If you don't think $30M is rich, your are a ****tards.

Not according to OriginalGatorHater, i guess. He dispenses all the wisdom on weath. Those who don't meet his high standards are losers, apparently.

I'd like to see who he is in real life. I was going to say he's that guy living in his mother's basement but you don't have basements in South Florida.

 

[TheMatador]

Awesome! Yes parents of 4 and 5 stars will def see the value in this and turn down the 200K, new car and job under the table offered by UGA. SFLA parents, (well mostly single mothers), will certainly see the long term results of being an ALUMNI of the U and push aside Saban and his Bag$ Wich offer instant gratification . This article is the solution to all our recruiting problems.

Tell them OriginalGatorHater says the kids should expect a net worth of $30M.

 

[MainLineCane]

No. It prevents "bags". The school will not condone anything that could tarnish its recent image. They abhor the "Suntan U" moniker and have been trying to eradicate it for over 40-years.

I could see UM suing a "UM Foundation". If you wish to donate, then you follow the Carol Soffer (sic) model. You give to the Athletic Department and publicly announce the intention. If you simply wish to donate and have no given objective, then you donate directly to the Athletic Department.

Thats certainly the way we should do it

But to the average local yokel giving $$ that sounds complicated.

That's why most SEC schools alums and fans usually take the direct route...avoiding the middleman....and simply place the $$bag into the recruits' outstretched hand

 

[prinmemo]

Prin,

Interesting stat. I’m imagining that Princeton will fall off. Why? Harvard and Stanford have Law School, Business School and Medical School among its graduate programs. Princeton has none of those. It’s primarily an undergraduate school plus selective PhD programs. Those professional schools at Harvard and Stanford can produce wealth.

Going forward, my guess is that Harvard and Stanford will dominate. Top undergraduate education paired with PhD and professional schools that lead their fields.

Miami is impressive, however. Proud of the U in this elite competition.

It does fall off, but proportionate to its size relative to Harvard’s. Harvard’s alumni base is 4.2x Princeton’s. The combined net wealth of Harvard’s graduates is about 4.3x Princeton’s. Basically, the same.

 

[TheOriginalCane]

I looked them up after my post. I had never heard of them. Now I know who they are.

I don't live in South Florida so not part of the community and haven't been down there in decades. Used to go to games in the '80's and '90's but no more. Further, I'm not an alum. I'm one of those who grew up in South Florida when we had no other teams besides UM football and basketball. No Heat, Dolphins, etc.

I became a fan because it was a family thing, my father probably became a fan sometime in the 40's when he attended UM and I got it from him. I've always followed the Cane's, unlike a lot here who might have started only once they became UM students. As kids, a lot of my friends became UM fans although we never later attended the U. It was our city's team.

By the time the Mas brothers and Larranega connected, I was following many things less assiduously. In the '80's I had delivery subscriptions to both the Herald and Miami News (mail-order to Virginia where I lived at the time and that was not cheap. Did it only for UM football coverage.) I'd go on the rounds of all the newsstands carrying out-of-town papers and pick up the Sun-Sentinel as well for important games and recruiting news after NSD. I'd call Washington bureaus of out-of-town papers to get selected papers after there was some big news. I'd call sports bureaus in different cities to talk about recruits from their cities (I remember talking to sportswriters at the Denver Post to ask about Darren Krein).

I've slowed down a lot since then. My fanaticism has subsided with age. So, I didn't know about the Larranega story.

But I did know who recruited Shalala to UM. UM had a trustee named Chuck Cobb who spent a good deal of time in D.C. He had, I believe, a high level political appointment in the Commerce Dept. during the George H.W. Bush administration. He was a businessman, as I recall and active in Republican circles. I read or heard, and I think it was reliable, that he approached Shalala about the UM job despite their different political allegiances.

I have one friend from a very strong UM (and Republican) family who used to complain about Shalala from time-to-time as much for her politics. I would remind my friend that her politics did not necessarily determine how she would do her job as President. I also reminded my friend that Shalala was apparently recruited to apply for the U presidency by a Republican, if the story was true.

Now, I'm not trying to start a political fight here, just pointing out some irony in how Shalala was hired. There might be more to the story and some of you might have a better handle on it than I do. (Make any changes or corrections).

Over the years, I have met a few of the more prominent leaders/alums/officials associated with the U. The two I remember we're Chuck Cobb and Tom Tew. In each case it was a one shot meeting and had no ongoing contact.

So, I'm not familiar with more recent events or people. I also used to work with the alumni office and Hurricane Club (organized a few events in DC area) but not any more.

It's all good, I was just surprised. I went to UM with Jose Mas, and during that time, his father (Jorge Mas Canosa) was one of the leading figures in the Cuban exile community. He bought a small local company, Church & Tower, and built it into MasTec.

And, for the record, the political stuff shouldn't be used to evaluate Shalala, it's such a silly distractor. When I went to UM in the 80s and 90s, I was a registered Republican and the Mas family were all Republicans. However, UM and the greater Miami community (with the obvious differential of Cubans who came over during Mariel) tends to vote Democrat, and I was very aware of that.

Tad Foote's wife, Bosey, was the daughter of Senator Fulbright (who created the academic program and scholarship named after him). Fulbright was a Democrat from Arkansas, who also served as President of The University of Arkansas. Another crazy political footnote, Fulbright's sister was the grandmother of Tucker Carlson.

As for Chuck Cobb, yes, I met him numerous times when I was at UM. I was at a luncheon where he basically announced he was taking the ambassadorship to Iceland (though I'm sure some already knew). His wife Sue was an ambassador to Jamaica under George W. Bush and was Florida Secretary of State under JEB! Bush.

At the same time, one of the most prominent UM alums was longtime US Congressman Dante Fascell (an alum of my fraternity), who was a Democrat. When I was active in Student Government at UM, I became friends with Joe Garcia, who was also a Democrat and US Congressman, and Bill Barzee (also a Democrat, and whose sister Mary was going to run against Shalala in the primary, but then she ran in another district against Mario Diaz-Balart).

Bottom line is that there are plenty of people registered in both political parties who love UM and are active in supporting UM. Chuck Cobb is a smart enough man to know that Shalala had prior experience in education that was independent from her political activity.

And there are plenty of dipsh!te posters who are going to slam Shalala for being a Democrat and/or not winning any football championships during her tenure.

 

[Canedude08]

No question about it. I bet you could even live off 5 mill if you cook all your own food and know how to be thrift with your purchases(My mom used to be able to feed the fam with 2-3bucks a day), live in a small home in a state with low property taxes, etc. etc.
I agree 100% with your statement. I just was being pedantic about being "rich" from what I have heard from people I consider rich.

If you have 5 million left over after buying your home, you should be able to live a relatively decent lifestyle. Yes, you would probably have to work, but at that point, you are working to afford luxuries, not working to merely survive. People forget that the best purchase they can make is a decent home. If you are able to pay it off and own it free and clear before you hit retirement, you've put yourself on good financial footing. Especially if you move somewhere decent. Think about it, if you bought a decent house in Miami 10-15 years ago(and paid it off), you're sitting on a nice nest egg, especially if you've actually invested back into the property over the years. It's even better if you bought early into an area that has exploded since. We are seeing that in Arizona right now. Lots of people that bought land around Phoenix 20-30 years ago, are now able to cash out because people are desperate to build developments in the suburbs.

 

[kruker]

She fixed the article. I sent her an email telling her the numbers didn’t tie. She changed Princeton from $1.1 billion to $1.1 trillion after I gave her the Bezos example.

She should have issued a correction. Breaks all the rules of journalism to not acknowledge an error like that.

 

[prinmemo]

She should have issued a correction. Breaks all the rules of journalism to not acknowledge an error like that.

Agreed. Her error was huge and applied to entire data set. I am sure it is embarrassing. She changed combined wealth for all 20 schools.

 

[OriginalGatorHater]

If you have 5 million left over after buying your home, you should be able to live a relatively decent lifestyle. Yes, you would probably have to work, but at that point, you are working to afford luxuries, not working to merely survive. People forget that the best purchase they can make is a decent home. If you are able to pay it off and own it free and clear before you hit retirement, you've put yourself on good financial footing. Especially if you move somewhere decent. Think about it, if you bought a decent house in Miami 10-15 years ago(and paid it off), you're sitting on a nice nest egg, especially if you've actually invested back into the property over the years. It's even better if you bought early into an area that has exploded since. We are seeing that in Arizona right now. Lots of people that bought land around Phoenix 20-30 years ago, are now able to cash out because people are desperate to build developments in the suburbs.

That is not the point I was making though. Of course you could survive, but being rich, in my opinion. Is not "if you make a couple mistakes you can still get by". The home statement is good though. Personally I would rather put that money into a business, but for your average person a house is a great investment. It kills two birds with one stone because you no longer need to pay rent and you have an appreciating asset. If I was going to go that route I would put the down payment down on an apartment complex. Live in one of the units and rent out the rest using the rent to pay off the mortgage.

 

[Canedude08]

That is not the point I was making though. Of course you could survive, but being rich, in my opinion. Is not "if you make a couple mistakes you can still get by". The home statement is good though. Personally I would rather put that money into a business, but for your average person a house is a great investment. It kills two birds with one stone because you no longer need to pay rent and you have an appreciating asset. If I was going to go that route I would put the down payment down on an apartment complex. Live in one of the units and rent out the rest using the rent to pay off the mortgage.

Apartments are good, the problem is that you have to deal with all the management crap that comes with owning it. If you can find a good firm to handle the day to day crap, then it isn't bad. Unfortunately, it's difficult to find a management firm worth a ****. Lots of scumbags in that industry.

 

[OriginalGatorHater]

Apartments are good, the problem is that you have to deal with all the management crap that comes with owning it. If you can find a good firm to handle the day to day crap, then it isn't bad. Unfortunately, it's difficult to find a management firm worth a ****. Lots of scumbags in that industry.

Very true. I didn't even consider that your average person probably wouldn't have access to one. Personally, all my money is invested in the private market, but if I didn't have access I would probably look into the RE route.