DIVERSIFY!

I read an article in today's local paper that shocked me. There are 3 major family foundations in Miami that lost LARGE quantities of money by investing with Madoff.

What I find most interesting is that one foundation "had $32.3 million -- virtually its entire securities portfolio -- with Madoff at the end of 2007." Another had "about $4.9 million, all but $361,000 of its stock portfolio, with Madoff as of May 31, 2007."

Both families are from our school community and their family foundations have contributed large amounts to our many campaigns. The last donation that comes to mind is the $1 million for our new media center that bears the family name.

I may only have a fraction of that amount in my portfolio, but even I know that you don't put all your eggs in one basket and then let someone else carry the basket for you.

It'll be interesting to see if the school suffers any damage from "unmet" pledges. We've "raised" almost $20 million for our Capital Building Campaign in the last 5 years. The buildings are built; now let's see if they'll be paid for.