Job and lifetime earning prospects these days. Sure we have the model of College Dropouts like bill gates and Mark Zuckerberg to inspire us, bonilla sure and entrepreneur a genius like them youre going to need that diploma. But in recent years the cost of colleges made some whether the investment is really worth it. Students sign up for education loans that leave them tens of thousands of dollars in debt. With the average annual cost of instate public colleges more than 25,000 and doubled out for private schools, paying for an education can be as important addition as what majors the schools are offering. Whats more, a very high cost of Higher Education is taking its toll on some colleges and universities. Growing numbers of schools are struggling financially. With the widening gap between the leap and the very wealthiest colleges the top of the buried and those many more beneath them. So today were gonna take a look at the cost and value of a College Degree. How the schools themselves are going to try to keep our Education Oil the rich can afford. Well also see the colleges are investing and using the billions of dollars in endowments under their care. Well to help us go through all that and much more, and look at whats happening educate todays weather most respecteds university of notre dame. Scott thank you maturing here. Lets start off if we mammon to put some figures up on the screen for you, just to look at notre dames own endowments under your leadership under the last 30 years. Here it is, so the total endowments at 30. 8 billion for 2019. As we go through we can see the growth his been really impressive in 201920. To percent and Even Stronger at 2018 at 12point to percent and lets quickly look at the way the endowment has grown over that 30 year period from almost 14 billion today. Its been a remarkable run since youve been in charge throughout that time. So we know it extraordinary role you played. Tell us first of all how you have managed to attain that extraordinary performance . Will jerry ill tell you does start with having tremendous support from our board. You work at a Major University the investment of the board is critical to the endowment operation. And weve been so blessed with great leadership there. And then stability. We are kind of unusual institution. Weve had three president s since 1952, ive had two chairs of my Investment Committee since 1978, ive been there 31 years, four directors over 20 years. So that kind of stability and consistency is really important in investing as you go. And weve been able to just build great relationships with a top over that time and its been a tremendous blessing. We look at those numbers and i think the annual growth averages around 10 over the last several years. So how have you managed to outperform most Asset Classes in that time. Tell us about the investment strategy. Will live at jerrys we get access to the best. Given our brand institutionally, we have a great team, theyve got a tremendous office with really committed people, we are out there every day. I think we interview 800 investment firms all over the world. So were really looking for skill, really talented people. Really hire a few a year. Even though were talking to a hundred, a lot of is that consistency over time meeting a lot of people, finding the really good ones, and then hoping to develop relationships for 30 years. And lets look at what you do with that in dalia endowment. The ninth highest private university in the nine states, again a remarkable number. But its a lot of money. Its like the Big Ivy League universities with even bigger endowments what you do with that . People are still paying a huge map for College Tuition even though youve made an extraordinary words turn on your endowment. Words go . About a third of it goes to financial aid. With a very committed to that will the entire time ive been at notre dame. Something we talk about the Leadership Group and our board in our financial stewardship committees. Its something weve been very focused on. Weve got the catholic thing we got the morality of that and how much funds family have if they can afford it. How many people are getting financial aid. About half of our undergraduates get it. As a notre dame payment over 70,000 a year is it. You know how many people are actually paying that and how much are getting significant aid . About 70 of the students are getting some made thats includes federal loan programs rotc, et cetera. Our alumni clubs have scholarship funds. Bed about half are getting real grants, and the average grant now is jerrys about 42,000 year. So the net price for people getting eight is actually under 30,000 dollars. Are you comfortable, do you say to people look there is no if you want to come here if youre good enough money is not going to be a problem. Its affordable. Theres only about six institutions that are like us. Sort doesnt matter if you come from a very, very poor background youre going to get essentially all your costs paid. Hundred thousand dollar costs for families there getting on average about 61,000. So theyre basically not paying any of that tuition. So people do wonder, a large sums of money but not all families are paying for college education. Is it worth it . That cost is gone up a lot last 20 years. We all understand its important never College Degree. But is it worth that kind of investment . She dissents from the students of the people you see and they going to graduate are the actually benefiting from all that money theyve put out . Absolutely theres a tremendous value for a College Degree in general. The lifetime of earnings is significantly hired from those that dont. If you go to school i could notre dame earn Ivy League School that gap is can be even wider because youve been given opportunities of the kids just dont see. The value is tremendous. Why has the tuition gone up so much it seems to outpace general inflation. Say have a price. The cost of education students is actually much higher than the price. The only pay about two thirds of the cost. And so we have to raise money. We get grants and contracts, we have endowment fund, theres other revenue sources. Athletics, number of sources for that. But quality is expensive. In the faculty, you just talk about trying to recruit and retain the best faculty in the country. Technology, we have open Source Technology thats expensive. Financial aid. Its quite a political issue of democrats with them promising public that would actually eliminate public desk. Nationally is a concern but frets primarily graduate students and those are good institutions fail. And then they dont get anything out of it and they have all this debt. At notre dame, we will not allow, on average, student to graduate with more than 10 in debt of the cost of attendance. So tune in 75,000 or four years they want them to be under 27,000 in a section more like 15. Rent take a quick break, coming up next were going to look at the markets and scotts approach to investing in what he things about the economy in the marketplace. As a struggling actor, i need all the breaks that i can get. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Its been reported that theres a cyberattack on business every 39 seconds. Ouch. I dont even want to think about it. Comcast business has a solution. We go beyond fast with a cloudbased Security System that automatically updates, so you always have the latest protection. Phishing. Malware. Risky sites. It can help block all of that. Its one less thing for us to worry about. Comcast business securityedge automatically protects all the devices on your network. 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Tell your doctor if youve been somewhere fungal infections are common, or if youve had tb, hepatitis b or c, or are prone to infections. Needles. Fine for some. But for you, one pill a day may provide symptom relief. Ask your doctor about xeljanz xr. An unjection™. My guess is scott malthus notre dame. Scott one quick one final question on the cost of college. There does seem deal widening gap between the very wealthy successful colleges like notre dame, the ivy League League ones and a lot of other universities that are really kinda struggling financially. Is that something we should be worried about . Or just some of these colleges are we just can have a shakeout. Theres going to be a shakeout thats for sure the more tuition dependent are starting to out of business and were going to see more of that. But the more lead schools that have resources are in terrific shape. In many ways more accessible than ever before. Because of the resources. Was talk quickly about the investing climate right now. Its a very strong we are in a strong bull market with equities. Bonds are coming off a little bit today, but have been pretty strong. We have just this week, friday, had very employment good employment numbers. Whats your outlook is look over the next year over what opportunities you see . Feels like its accelerating globally a bit. I think a son 95 of Central Banks are loosening. Thats good for markets. I think theres some predictions for global thats up from this year. I think maybe half 8 in aggregate. So pretty good. Youve got 11 years of a bull market, thats the longest ever. I was get a little nervous when evaluations are hi, but because of her time rising, were not obsessed with that. We know were gonna work right through that. But were seeing some really fascinating things. Biotechnology and some of the market buyout funds including europe where the banks are struggling. What are the major risks you see in the next year maybe the trade picture evaluations . There are so many of their Political Risk in this cycle more than a typical cycle. The u. S. China trade. The selections in europe and the u. S. Next year. But also total debt in the world has increased since a crisis like 72 trillion. I think corporate debt is up similar to that like 66 trillion. So theres a lot of debt creation. When Interest Rates are low that doesnt bother you but if rates go up thats a problem. One thing thats been growing enormously to impac investments ethical investing. For a catholic in the universe like much or dame how is that work for you . Its very important and we have a very robust approach of this period of several 13 this meant a lot of time on it. For decades weve had a typical policy will be restricted various sectors that are go along with Catholic Values particular the healthcare policies and stem cells. I am actually a huge fan of these new movements here in the last ten years of esg and active investing. They all sort of fold into our existing philosophy. Now we are fiduciary we have to have balance a lot of them havent historically had returns but there are more opportunities and 70s areas like renewables, alternative sources of civil fuel, or sing a lot of interesting new platforms there that did not exist ten years ago. You get pressure from students or others on these issues . One in particular, young people with the environments, the Extinction Rebellion at all the stuff. They have pressure on you to disinvest from carbon . I wouldnt call them. Are i meet with students all the time on these issues. To think a lot of it is they dont know what were doing. So i explain kind of the history of what were doing, the reality of that, they generally coming away feeling much better. I feel responsive to communicate exactly what redoing and whites were students and faculty. I think thats my responsibility to make sure they understand that. And i can disagree ultimately, but they generally appreciate and we have a serious way of doing this intruder values. Will take one more quick break that will suit the future holds generally for Catholic Education in america. Education in america. Stay with us. To the outside world, you look good, but you dont feel good. With polycythemia vera, pv, symptoms can change so slowly over time you might not notice. But new or changing symptoms can mean your pv is changing. Lets change the way we see pv. You track and discuss blood counts with your doctor. But its just as vital to discuss changing symptoms as well. Take notice and take action. Discuss counts and symptoms with your doctor. Visit takeactionpv. Com diwthats why xfinity hasus made taking your internetself. And tv with you a breeze. Really . Yup. You can transfer your Service Online in about a minute. You can do that . Yeah. And with twohour Service Appointment windows, its all on your schedule. Awesome. So while moving may still come with its share of headaches. No kidding. Were doing all we can to make moving simple, easy, awesome. Go to xfinity. Com moving to get started. I am once got from notre dame university. Scott notre dame is a Great Catholic University in the country in the world, weve gone through a time when campuses around the country, around the world in fact students are becoming shall we say, the right way to describe it, increasingly critical of certain types of speech, hostile for certain types of speech and what they regard as perhaps traditional oldfashioned ways of thinking about gender and race and sexuality. All of that seems to come up again in some catholic principles. How much of a concern is that it notre dame . Do you see pressure in a way that works against traditional Catholic Values . Will jerry think its important, look or university, so it is important to allow people to speak and have an opinion. And have constructive dialogue in an appropriate way. Our president , father john jenkins who is terrific and is done a great job doing that. And thats hard to manage. But yes, theres online dialogue in various sides and issues. Catholics are also have a spectrum of views on various issues. So its an ongoing challenge, but i think were navigating that as well as we can. Q. Were generally about the freespeech climate in this country that feelings are hard harder and harder to hold onto . Some very disappointed suits happening at other institutions. When people have been invited to speak we try to avoid that. With catholics again, there is a range of views among catholics but straight catholic teaching on things like sexuality. Abortion, divorce, and some of the other issues you can see an age, and notre dame was involved in institutional level of challenging some of the obamacare especially of abortion. And i wonder how you see these values again mark being marginalized or even sent to some extent actually banned from in terms of speech, and the way people communicate. I think at least that notre dame were good at doing that. We will continue to be challenged to do things, we have to be true to our values. You have to pick your battles, jerry, there are some Core Principles marking to give it on because we are catholic university. But theres a range of ways which we can allow the campus to dialogue about these issues and weve tried to do that. I know other schools have tried as well, its only going to get increasingly complicated. So in an age of fewer fear people being churchgoing even in america, and europe and elsewhere. Whats the role of a major catholic institution. Looking to future doesnt have . Weve actually found with increased secularization we have found students who want to have a Spiritual Life who value morality, and who value character are really drawn to notre dame. And actually more so with faculty. We are getting some outstanding faculty who in lead the institution. They leave their current institutions because in a full council practicing their faith. So thats bring us a very instinctive institution. Other catholic institutions and of this country have more deemphasize the calf lick of their institution. Thats not true of notre dame is it . Absolutely we cherish that and we always will. In house important is it to maintain, do you think the religious values in public life more generally. How much, this time were coming up on christmas you think those values are. We need them more than ever. There is such a dearth of leadership at every level, and thats every one the things i love about pope francis if you are catholic for the leadership is trying to show. With certain issues related to morality, id like to see other leadership and our society in countries and governments. We need more leadership. Certainly helps if you have a big Financial Base the way you have it notre dame. Weve been very blessed. Thank you for joining us. Up next to what one key aspect of the blooming u. S. Job market could mean for the 2020 election. Stay with us. vo the flock blindly falls into formation. Flying south for the winter. They never stray from their predetermined path. But this season, a more thrilling journey is calling. Defy the laws of human nature. At the season of audi sales event. When we were looking he wanted someone super quiet. Yeah, and he wanted someone to help out with chores. So, we got jeanpierre. But one thing we could both agree on was getting geico to help with renters insurance. Yeah, geico did make it easy to switch and save. Oh no. Theres a wall there now. Thats too bad. Visit geico. 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Then on friday we got perhaps a better counter arguments than any tweet or speech from the white house. The monthly jobs report, published by the jaybird job was of absolute blockbuster. The Unemployment Rate fell to three and half which is a 50 year low. And most important of all wages posted another month of healthy gains. Now much of the benefit of the wage growth in recent years has improved to the advantages of less welloff americans. According to indeed, job finding site for uses from the labor department. In the last two years wages for the lowest paid workers have been rising at an annual rate of over 4 . Thats the highest sustained growth in well over a decade. And far outstrips the growth for other workers in the economy. So next years election will take place on an economy that generates significant gains for most americans. Especially for the less welloff. Now many of those were Trump Supporters in 2016. The democrats. And a lot of time over the next year to wing them away from the president saying hes unfit to hold office. But with an economy thats delivering for them in ways it hasnt for many, many years, that could be quite a tough sell. Well thats it for this week, for the latest show updates be sure to follow me on Twitter Facebook an instagram. And ill be back here next week when ill be talking about some of the biggest topics in the country today. With the attorney general william barr. Thats right here on the wall street journal at large. Thank you much for joining me. Welcome to barrons roundtable where the sharpest minds on wall street need to get behind the headlines and prepare you for the week ahead. Im jack cotter. We w