THE ASANOR ENDOWMENT FUND MARCH 2009 REPORT
ASANOR’S ENDOWMENT FUND’S RABBIT REPORT
“Is it magic? Markets have lost more than 30% since ASANOR’s last report, have lost 18% just in the first two months of 2009, and yet the Endowment Fund is down only 8%.. Why, it’s like pulling a rabbit out of a hat. To explain this trick, here’s our guest analyst, Elwood P. Dowd.”
“Thank you, Mr. Babbitt. Well, there’s a lot of rabbit angst, and with the markets hopping up and down, it drives you bugs. The crash hasn’t petered out yet and we dug ourselves a NOK 72,591 hole since we stuck our nose up last time. But let me frame it a different way, Roger.
“Everybody is talking about this as The Lost Decade, but it isn’t for ASANOR. Look back one decade, to 1999 (which actually happens to the Year of the Rabbit), when the Fund had NOK 334,114. Now we have NOK 802,733, so counting NOK 155.680 in grants since then, the Fund has gained a rarebit of 283%. Because we’ve tended our carrots and raised more lettuce, we are just where we were in October, 2005, so how’s that for getting out of the briar patch?”
“Mr Dowd, that’s amazing. Who helps you as a Fund advisor?”
“My pal who is more genuine than the bankers. Harvey.”