The Stanford Daily Vol. 260 Issue 6 (10.29.21)

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The Stanford Daily An Independent Publication

FRIDAY October 29, 2021

Volume 260 Issue 6

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Endowment nets $12.1 billion By BENJAMIN ZAIDEL DESK EDITOR

Stanford netted a record $12.1 billion in investment gains over the last year through its Merged Pool, through which most of the endowment is invested in stocks and bonds, according to annual results released on Tuesday. The total value of the University’s endowment — which includes about 75% of the funds from the Merged Pool along with real estate and other holdings — is now $37.8 billion. The 40.1% return on investment marks a significant increase from last year’s 5.6% return and 2019’s 6.5% return, and it comes

amid a year of endowment success for many of Stanford’s peer institutions. The Merged Pool is now worth $41.9 billion. University spokesperson E.J. Miranda called the returns “very reassuring” and cited President Marc Tessier-Lavigne’s comment to Stanford News on Tuesday that the “results have created a tremendous opportunity to advance Stanford’s mission.” Chief Executive Officer of Stanford Management Company (SMC) Robert Wallace told The Daily that the University’s investment returns over the past year defined a “record year for Stanford, both in terms of the percentage investment increase

and the absolute dollar gain.” Data indicate that these returns far surpass those of previous years, especially following slightly decreasing endowment returns from 2016-2020. The median return on endowment for U.S. colleges and universities this year was 33.4%, according to Stanford News, placing Stanford’s performance 6.7% above the median. Last year’s median return across U.S. institutions was 1.6%. This constitutes a year-over-year increase of 31.8%, indicating that this year was a year of booming returns for many institutions. Duke University and MIT boasted the most success of Stanford’s peer institutions, with returns of

55.9% and 55.5% over the last year, respectively. Out of the 10 schools charted above, Stanford ranked eighth. Wallace added that Stanford’s returns place the University in the top quartile of all U.S. colleges and universities. Another set of metrics commonly used to evaluate university endowments is the 5 and 10 year annualized net returns, which average a school’s endowment performance over longer periods of time. Stanford’s 5- and 10-year returns are 14.7% and 10.8%, respectively, which rest well over the nationwide medians of 11.9% and 8.4%, according to Stanford News. As a result of the endowment’s

growth, the Board of Trustees allotted an extra $500 million of the money gained from the endowment for the University’s budget, according to Miranda. This extra funding will supplement the $1.4 billion that was already allotted to the budget from the endowment, a slight increase from last year’s $1.3 billion allotment, to which the University added an extra $379 million to support COVID-19 expenses. “These funds will be used to support our core academic mission and to accelerate our education, research, affordability, inclusion and outreach activities under our LongRange Vision,” Tessier-Lavigne told Stanford News.

UNIVERSITY

CAMPUS LIFE

Alumni return to campus

Mirrielees residents face higher costs

“This place is truly magical,” alumnus says

Students in residence say financial aid falls short By MARLI BOSLER

By ILA MATHUR

BEAT REPORTER

Approximately 7,500 alumni and guests attended Stanford’s Alumni Reunion from Thursday through Sunday after a year of postponement, according to Director of Alumni and Student Class Outreach Victor Madrigal ’94. In light of the COVID-19 pandemic, the University enforced precautions to safeguard the health of the Stanford community. All reunion attendees were required to be fully vaccinated against COVID-19 and had to show proof of vaccination upon arrival, medical and religious exceptions notwithstanding. Visitors were also required to complete a health check, and masks were mandatory both indoors and outdoors when within six feet of others. The reunion featured a multitude of events, including both classic and new traditions. Alumni attended the signature Dinner on the Quad on Thursday, learned from fellow alumni at the cutting edge of their fields in Classes Without Quizzes and attended various minireunions. Mini-reunions were based on class year and extracurricular interests, taking place in the form of panel discussions, lunches

CAMILA FERMÍN/The Stanford Daily

Alumni gathered for the first on-campus reunion since the start of the pandemic. The Stanford graduates shared their experiences and offered advice to current students. and parties. During the weekend, several alumni shared highlights from their Stanford experiences, and offered advice to current students on maximizing their time at Stanford. Congressman Joaquin Castro ’96 recounted Stanford’s vibrant community and the diversity of thought that he experienced as an undergraduate. Describing Stanford as a “warm and welcoming place,” Castro said that he grew as a person, and learned a lot about the world during his time on campus. “It was the first place that I really met people that were from different cultures, faiths and backgrounds,” Castro said. “And so in many ways, it opened my eyes up to the world.” Castro advised students to talk to as many people at Stanford as

they can. He said, “The most valuable thing that happens here is interacting with your classmates.” For Andy Parker ’11, the best part about Stanford was the people he met. His appreciation for the relationships he built as an undergraduate made his return to campus particularly special. “Especially this time — when the last two years we’ve been cut off from a lot of people in our lives — it’s such a treat to be able to come back and reconnect with folks that I hadn’t seen in a while,” Parker said. Outside of mini-reunions and Dinner on the Quad, popular events during the reunion included Alumni Oral Histories, men’s and women’s soccer games at Cagan Stadium and a micro-lecture on “Cryptocurrencies and Blockchain,” which was attended by Jane Phillips ’65.

Phillips said that the open nature of the micro-lecture differed from the mindset of her community at home, where people do not ask as many questions. “As people get older, they tend to cling to what they know, as opposed to what they don’t,” she said. She added, however, that “there are always new things, new issues, new inventions and new ideas. And here, that’s embraced.” Ronnie Tisdale ’10 shared Phillips’s appreciation for Stanford’s intellectualism and community. “This place is truly magical,” Tisdale said. “I’m overwhelmed by the renewed, rekindled and reestablished relationships and the feelings, smells and sensations. Every opportunity to be here is a true pleasure — so I’m overjoyed.”

CAMPUS LIFE

Where is late night? Staffing shortages to blame By JACKIE LIU After returning to campus for the first time in over a year, students may have found themselves with a case of the midnight munchies and nowhere to turn. Craving greasy fries from The Axe & Palm (TAP) after 1 a.m.? Tough luck. Due to pandemic-related staff shortages, late-night dining operations on campus remain shuttered indefinitely. Prior to the COVID-19 pandemic, students could go to Arrillaga Family Dining Commons and Lakeside Dining for a late-night meal or for a place to work until the two dining halls closed at 2 a.m. Now, they close at 9 p.m., leaving students with few on-campus food options at night. Retail cafes — such as TAP and Coffee House (CoHo) — have also reduced their hours of operation, and Olives, the beloved sandwich shop located in Main Quad, is closed indefinitely. The limited hours of operation are due to staffing challenges as the University resumes full operations,

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according to Residential & Dining Enterprises (R&DE) spokesperson Jocelyn Breeland. “The hospitality industry has been devastated by the pandemic and this has created significant staff shortages across the nation and at Stanford,” Breeland wrote. “In some instances, volunteer staff from other areas of R&DE have been used to fill critical mealtime positions in dining halls.” Prior to the pandemic, many students went to TAP to buy burgers, fries and milkshakes with their meal plan dollars after a long day of studying or after hanging out with friends on the weekend. The campus-favorite used to be open seven days a week, closing at 2 a.m. Monday through Saturday and 1 a.m. on Sunday. Now, its doors close at 1 a.m. on Monday through Friday and remain closed on Saturday and Sunday. CoHo, which was previously open from 7 a.m. to midnight every day, now closes at 8 p.m. on Tuesday through Sunday and 10 p.m. on Monday. CoHo reduced its hours

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Due to pandemic-related staff shortages, dining halls and retail cafés across campus are closing their doors earlier or altogether. Before COVID-19 hit, on-campus late night dining options were available until as late as 2 a.m. during the 2020-2021 school year because of staff shortages and the limited student population on campus at the time, according to Assistant Manager Mayra Mondragon. Though the company is working on resuming full operations, Mondragon said that it is unlikely that CoHo will be able to resume prepandemic hours this year. Despite CoHo’s reduced hours of operation, its revenue and customer demand have not been substantially affected, according to Mondragon. She estimates that revenue has fallen by about two percent in comparison to pre-pandemic times. Limited dining flexibility has altered the everyday habits of some

students, as food availability plays a large role in students’ plans for activities, study sessions and social gatherings. Ian Sills ’23 said that he no longer studies as late into the night now that late-night dining options are unavailable. Sills also said his reliance on food delivery services has increased due to the lack of latenight options. The limited hours have “been very bad on my wallet because I started Doordash-ing, which is considerably more expensive than just walking over and buying food,” he said. For Kevin Martin ’22, the best part about late-night dining options

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Please see EATS, page 2

After Residential and Dining Enterprises (R&DE) placed sophomores in the four-class Mirrielees dorm, students said they have had to pay higher rent and meal plan costs — a financial burden that they feel was not clearly communicated to them. Within the new ResX neighborhood system, students ranked the housing options available to them based on their neighborhood assignment. Katie Smith ’24, Kaela Verner ’24 and Serena Kravantka ’24 ranked all-sophomore dorm Toyon Hall as their first choice, with Mirrielees somewhere lower than their top five. All three were assigned to Mirrielees. Verner and Smith share a tworoom triple — a room converted from a two-room double to accommodate an increase in students living on campus this academic year — with a third roommate. Financial aid is based on the pricing for a standard two-room double and a 15 meal per week meal plan, according to University spokesperson E.J. Miranda. But the housing costs of Mirrielees are roughly $1,300 higher than that of other dorms for the current academic year. This information was listed on the housing portal at the time students were ranking their options, and it was a factor Smith, Verner and Kravantka all considered. “I put Mirrielees last because it was more expensive than all the other dorms,” Kravantka said. While Verner was ranking housing options, she said she assumed her status as a student on full financial aid would mean her aid would be adjusted if she was placed in more expensive housing, especially if it was not her first choice. However, this proved not to be the case — Verner, Smith and Kravantka all faced an increase in rent, irrespective of whether or not they were on financial aid. “It was not communicated through the financial aid office that aid would not be adjusted,” Verner said. “I wasn’t told when I got assigned to Mirrielees, I wasn’t told this when I set my move-in day.” Verner discovered she owed over a thousand dollars during Week 2 of fall quarter, when she received an email about a balance on her account. According to Verner, she received notice of her outstanding balance less than two weeks before the bill was due. Verner said she was frustrated with the lack of

Please see MIRRIELEES, page 3

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