Bill Ackman is the billionaire hedge-fund manager who not only publicized the drop of donations to Harvard because of its purported antisemitism, but also helped bring down President Claudine Gay. But he’s also a double Harvard alum; as Wikipedia notes:
In 1988, he received a Bachelor of Arts degree magna cum laude in social studies from Harvard College. His thesis was titled “Scaling the Ivy Wall: The Jewish and Asian American Experience in Harvard Admissions”. In 1992, he received a Master of Business Administration degree from Harvard Business School.
But Ackman’s not a rapacious piker. Wikipedia adds this:
Ackman is a signatory of The Giving Pledge, committing himself to give away at least 50% of his wealth by the end of his life to charitable causes. He has given to charitable causes such as the Center for Jewish History, where he spearheaded a successful effort to retire $30 million in debt, personally contributing $6.8 million. The donation, along with those of Bruce Berkowitz, founder of Fairholme Capital Management, and Joseph Steinberg, president of Leucadia National, were the three largest individual gifts the center has ever received. Ackman’s foundation donated $1.1 million to the Innocence Project in New York City and Centurion Ministries in Princeton, New Jersey.
Apparently Ackman gave an invited talk about the Harvard Corporation, couched in financial jargon. Here’s the tweet with the slides. I’ll highlight some of them, which are pretty damning for Harvard.
Jim Grant asked me to give a talk on “@Harvard Corporation, Buy, Sell or Hold.” I complied.
The slides:https://t.co/dNWFlb2RSu
— Bill Ackman (@BillAckman) October 1, 2024
There are 49 slides, and they pretty much encompass his thesis, which is that Harvard has become a business aimed not at providing a quality education to students, but to enriching the Corporation, and its mission has changed from promoting learning to pushing a “progressive” ideology. In the process, it’s become woke and bloated with administrators. But Ackman does seem some glimmers of hope on the horizon.
Here are some slides that support that thesis. First, a financial summary and the avowed mission of the College.
Here are some figures taken over the last 20 years:
Yet look at this administrative bloat! Why do they neeed so many administrators (in 20 years the administration has grown by 42% while student enrollment has grown by 0.3% and faculty by 0.5%:
And the cost of going to Schmarvard has doubled, “far outpacing inflation”. The cost of living over this period has increased only 61%. The tuition and fees this year are about $83,000 per annum, so a four-year education costs over a third of a million bucks.
Yet Harvard’s endowment has also more than doubled over this period, and is now 51 BILLION dollars. Ackman’s conclusion:
Here are three of Ackman’s plaints (he’s a registered Democrat but appears to support Trump). I can’t verify the first one (Ackman’s figures are likely accurate), but we all know about the second. As for the slide just below, Harvard is probably LESS liberal than other schools, but we know that the dearth of conservative viewpoints (just 3% of faculty) is a general issue. Whether you consider that a problem, and if so, how to remedy it—these are matters for debate.
Last year Harvard was last in FIRE’s free-speech ranking, now it’s sixth from last:
Grade inflation is something I abhor, but it seems unstoppable; it’s part of the Alice in Wonderland view that “all must have prizes,” and a sign of the devaluing of merit. It cannot be that students have gotten so much smarter in 20 years! No, grading has gotten easier.
He then shows a series of slides explaining what has happened to Harvard. This is the summary: it’s become woke and its mission has become woker, conforming to the ideology of the day rather than seeking truth and knowledge. You can find the new mission statement below:
The latest mission statement, showing the emphasis on diversity, and it doesn’t mean intellectual diversity. The emphasis is on social diversity, coming from “different walks of life,” and having “different identities.” These differences, asserts Schmarvard, will perforce YIELD “intellectual transformation.”
There follows a series of slides showing that while the “demand” of students for education in economics and computer science has grown modestly (as well as the number of faculty in these areas and the number of degrees conferred), the faculty in “studies” departments has grown much faster. But the number of degrees conferred in “studies” has decreased sharply.. Ackman concludes that Harvard is allocating its resources according to an ideological, diversity-centered platform.
He supports this by giving an analysis of the words used in Harvard’s course catalogue, presumably reflecting its curriculum:
Truth is mentioned much less often than Gender or “oppression”.
Ackman does note that the interim President (Garber will be there for three more years) has done some good things:
From all of this, and assessing Harvard as an “investment” (possibly aimed at potential donors), Ackman regards the College as a “hold”:
I largely agree with Ackman about Harvard, though the problems he singles out, like grade inflation and an ideological bent, also plague other schools. But Ackman, like me, went to Harvard, and we share a sentimentality about the place that lingers (I had a terrific time and got a terrific education in its grad school). So here’s his reply when someone questions him about why, given all these problems, Harvard is a “hold” rather than a “sell”:
So I am sentimental.
— Bill Ackman (@BillAckman) October 2, 2024






















