Every day I track the markets. This is a seminary that is 80% dependent on endowments. Our endowments are in the market. When the market falls, the Seminary gets poorer. Naturally, I worry.
We are also at the end of a long bull market. Corrections are inevitable. It is possible that this drop in the Dow is part of a major economic shift. So one seeks to think through possibilities about the way forward if the worst happens. It is called risk management: we need to think through scenarios that prepare us for the worst case outcome.
I want to take this opportunity to thank those on the board for their oversight of our financial health. The Investment Committee in particular does its work so well: it makes sure that our portfolio is diverse so that if one part of is weak, other parts are stronger. This is important. The Seminary literally depends on these decisions. I am especially grateful to Ms. Elizabeth Cabell Jennings; she is our Chair of the Investment Committee; and she is dedicated and thoughtful in this work. Thank you Elizabeth.
The Very Rev. Ian S. Markham, Ph.D. Dean and President