Endowments Across U.S. Search for Bargains After Brexit Tumult
- ‘Best house in neighborhood is stocks,’ one manager says
- Cash positions stemmed from concern over global downturn
Texas Christian University at Fort Worth, Texas.
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Some U.S. university endowments that were sitting on cash have become buyers following the global market plunge from Britain’s vote to exit the European Union.
“The best house in the neighborhood is stocks,” Jonathan Hirtle, chief executive officer of Hirtle Callaghan, which manages more than $24 billion for endowments, foundations and wealthy families, said in an interview June 24, the day of the Brexit result. “We’re buying stocks on weakness.”