We have all heard of the term “smart money.” Smart money is institutional investors, accredited investors, and market insiders. Smart money is controlled by investors that have specialized knowledge with massive influential reach and analytical resources. There is a smart money index on Wall Street. The index is calculated at two different time periods. Once in the first 30 minutes of the market opening, and then once at the close of the market. Smart money uses technical analysis (charts patterns & trends) and fundamental analysis (public and private data.) Smart money has the first mover advantage with supporting resources.We all try to follow the smart money.

Dumb money is a specific term for individual retail investors who buy at the top of the market and sell at the bottom of the market. As smart money starts to leave the market dumb money comes into to fill the void. Individual investors surmise the market has been going up for a while, get comfortable, start investing and end up buying at the top of the market.The market soon corrects itself drops and then the individual investor sells close to the bottom of the market. This pattern has repeated itself for decades. As dumb money comes out of the woodwork it has few restrictions.

In 2017 the Anschutz Medical Campus received a 38 million dollar donation, to be paid over five years, from Home Depot founder Barnard Marcus. The money was earmarked for a new traumatic brain injury building. To help build a nationwide model for veterans.The new building will be named Marcus Institute for brain injury and will be Associated with the largest VA financial blunder in history. The Aurora VA hospital. One billion dollars and six years over budget.

If you review the Home Depots track record you will see the home Depot is the fifth largest employer in the United States with 400,000 employees, over 2,200 stores and sales of 25 billion dollars annually. None of the Home Depot stores incorporate renewable energy, solar, wind or geothermal. All 2,200 stores emit greenhouse gases from burning fossil fuels to heat and cool every single store. Home depot stores are not  constructed to net zero energy certification. The Anschutz Medical Campus does not incorporate renewable energy, wind, solar or geothermal anywhere on a one square mile campus. The CU Anschutz campus does not have any net zero emissions strategic plan. With over 10 million square feet and growing carbon footprint. Therefore the continual focus on new construction is an albatross, among its national peers.

In this philanthropy alliance,  you have one of the nations largest employers, emitting greenhouse gases aligned with a medical campus that does not incorporate renewable energy, solar, wind or geothermal. That is the home to the nations largest VA financial disaster in more than 100 years. This is not a smart money alliance.

In 2012 J. P. Morgan after loosing 6 billion dollars in a high risk trading scheme aka “London Whale” paid a 900 million dollar fine to US and UK regulators.

IN 2013 J. P. Morgan paid 13 billion dollars to the US government to settle civil and criminal charges relating to the sale of mortgage backed securities.

In 2014  FINA fined J.P. Morgan 5 million dollars for allowing stock analysis’s to solicit business and offer favorable research coverage in the 2010 Toys R Us IPO. Today all 1,600 Toys R Us stores are closed. Later that year in 2014 J.P. Morgan paid 1.7 billion dollars to settle civil and criminal charges concerning Bernie Madoff victims.

In 2015 J. P. Morgan pleaded guilty to criminal charges and fined 900 million dollars from the Federal Reserve and put on three years probation. Later in 2015 J.P. Morgan paid 180 million dollar fine to the financial Protection bureau for using illegal tactics to collect consumer delinquent debt.

In 2016 J.P. Morgan paid 220 million dollars in fines to the Department of Justice and SEC for hiring children of Chinese officials to win more business.

In 2017 J.P. Morgan paid 50 million dollars for charging black and Hispanic mortgage borrowers higher interest rates.



With a colorful history, convicted felony corporation, with a rap sheet that would send any single individual to prison for life. The Colorado University accepted a 5.5 million dollar gift from this tainted sponsor to open the CU commodities center in downtown Denver. And the misleading false rhetoric emitting from Don Elliman’s mouth was: No academic program will match what J.P. Morgan will provide for commodities. After paying your CU tuition, you can be the proud owner of a commodities certificate issued by a convicted felony corporation. Once again this is not a smart money alliance.

In fact reviewing the mission statement of the University of Colorado guiding principals, article 1. legal obligations and responsibilities of the University community the university will: Number 2: maintain a commitment to excellence. Number 5: Stewardship of University property. It clearly states:

University property includes the university seal , name and logo. The university regulates the use of its seal, name, related trademarks, and logos in order to protect the university’s reputation and to ensure that their use is related to the university’s educational, research, community service and patient care missions. There by its own Colorado University documented legal guiding principals, this joint venture is not compatible, it’s conflicted, and is not ethical. Colorado tax dollars are supporting a community convicted felon, period. This is dumb money, and financial abuse of Colorado taxpayer funds.


In 2011 students at Swarthmore college started the fossil fuel divestment campaign. In 2012 350.org. launched  Do the Math campaign. Fifty students that attended Do The math Campaign planned and launched a candlelight march for fossil fuel divestment from five college Endowments. The five college endowments were: Pomona, Harvey Mudd, Scripps college, Claremont and Pitzer. The students continued their pressure using various tactics including: Assembling a student panel with faculty administrators, financial reporting concerning fossil fuel divestment, issued moral and political reasons for divestment, and eventually started their own fossil free endowment that was in direct conflict with the current college endowment. This allowed potential future financial donors to contribute directly to a fossil free endowment. Soon a $12,000 donation was contributed to the students newly formed endowment, and college administrators realized their was competition for donor funds and started fossil fuel divestment. The fossil free divestment campaign is the fastest divestment campaign in history.

We have just finished the hottest year on record 2018. ESG risks account for four of the top five risks in terms of impact. Global commitments for fossil fuel divestment’s has reached over 680 institutions in over 75 countries. This represents over five (5) trillion dollars in assets under management. The forum for sustainable and responsible investment (USSIF) in 2016 has identified more than 80 college institutions that are applying various environmental, social and governance metrics(ESG) that total over 290 billion dollars. This represents more than half 50% of the 515 billion in assets of university endowments.

According t0 the USSIF climate change has dramatically increased as a priority. In 2016 27 billion in assets under management were subject to divestment. Hampshire college is the first college to divest from fossil fuels in 2011. In 2014 Yale University removed 10 million in fossil fuel investments. University of California divested more than 200 million dollars in 2015. In 2016 University of Massachusetts was the first public university to end direct investments in fossil fuels. In 2017 Oregon State University trustees approved fossil fuel divestment. And Columbia University divested companies that receive more than 35% of their income from coal.

University of California which educates over 275,000 students, and employs over 225,000 staff and faculty has a 13 billion dollar endowment and a 70 billion dollar pension fund. Has eliminated all fossil fuel investments. Regent chair Richard Sherman stated retaining fossil fuel assets  is a growing financial risk.

Not all colleges are involved in the fossil fuel divestment movement. Some regents and board trustees state ESG criteria is in direct conflict with their fiduciary obligations. However after reviewing trustees who have signed the fossil fuel divestment pledge. A salient trend emerges: More tenured facility signs divestment pledges than non tenured faculty. 15% vs. 10%. Harvard University instead of developing  ESG values in their endowment portfolio, implement ESG in their physical real property making their campus buildings more energy efficient.

As climate change is accelerating, fossil fuels is a declining industry. The smart money is invested in renewable energy and ESG metrics. Unity college in Maine is the first college in the US to divest all of its fossil fuel investments. This has led to Unity college adopting the branding moniker/tagline of  “America’s environmental college.” While this may may be seen like an insignificant event, it had large repercussions on the national stage. It attracted the trustees attention of Stanford University who immediately divested all of its coal mining endowment investments.

With CU Anschutz officials emitting misleading press releases. Stating that Colorado economically benefits 12 billion dollars annually and Receives 500 million dollars a year in research grants. Which is not verified by any unbiased third party auditor. This misguided political rhetoric does not state the obvious taxpayer concern. How much taxpayer funding is consumed or flat out wasted by Colorado University Anschutz Medical Campus? All 500 million in NIH annual grants is funded by taxpayers. All Federal Pell grants are taxpayer financed. All Sally Mae student loans are taxpayer financed. All utility taps and infrastructure are taxpayer financed on the Anschutz Medical Campus. The mismanaged billion dollar Aurora light rail is taxpayer financed. The Anschutz Medical Campus severely limits its medicare patients. The Denver Hospital picks up the bifurcated slack from this billion dollar taxpayer funding.

An outside top four accounting auditor could easily research and document all 12 billion dollars in funding. And in the case of misused/wasted  funds would refuse to sign off an an official third party audit. Of course the CU Anschutz Medical Campus cannot produce any such documentation to validate its continual false rhetoric. In fact an outside audit should be mandatory and legally required from a public university. Especially when the misguided focus is on depreciating archaic fixed assets. Over 11 million sq. ft. of new construction with zero taxpayer accountability? The purpose and focus of higher education is to develop human talent that benefits the community, not construct new buildings. In 1876 John Hopkins recognized this fact And incorporated a specific covenant into his will to structurally documenting education as a guiding principal. This is why John Hopkins university is a top 5 university world wide after more than 100 years. And a national leader in NIH funding to boot!

Lets review The University of Colorado foundation mission and vision statement. This is a Colorado taxpayer financed public college. We receive, manage, and prudently invest private support for the benefit of Colorado University to support philanthropic endeavors through donor stewardship. We engage volunteer leadership and peruse best governance practices. We are excellent stewards of the financial resources entrusted to us. The foundation was founded in 1967 by alumni and community leaders and operates as a 501c charitable organization.

As of March 31, 2018 the foundation manages more than two(2) billion dollars in endowment funds. Which includes 3,000 current fund accounts and over 2,700 endowment funds. The foundation has annual expenses of 27 million dollars. Five million dollars for operating expenses and 21 million dollars for CU advancement operations? The CU foundation is run by Jack Finlaw, Mike Pritchard, Keller Young along with a staff of 26 individuals. The investment services are outsourced to a third party vendor named Perella Weinberg Partners. (PWP) Reviewing PWP website, there is no mention anywhere about green securities, sustainable stocks, gender bonds, KPI bonds, transition bonds, or ESG metrics.

Additionally CU Anschutz a perennial laggard, in all facets and phases does not measure, or track diversity in its asset managers. Another glaring failure! CU Anschutz as usual does less than half a job, it does track its diversity in student population. What is the CU endowment methods for measuring, allocating and evaluating diversity in its asset managers? (Women and people of color?) A direct comparison could be the University of Chicago which has allocated 1.4 billion to 25 diverse asset managers as of June 2020.

Bloomberg, Sustainalytics, Virgeo Eiris, MSCI, Reuters Thompson, Standard and Poor’s and hundreds of investment firms worldwide are involved with ESG metrics. There is an existing framework for sustainable endowment guidelines (Stars).

As of 2019 Climate activists have divested more than 11 trillion dollars from more than 1,000 pension funds, universities, philanthropies and financial institutions. Additionally Colorado University with its four separate campus schools does not use its Denver MBA financial undergraduates to form an CU Anschutz financial advisory committee composed of students, faculty and alumni. Exactly where is the CU student leadership in this four campus failing system? Uninvolved, lazy and absent! This is the type of fragmented  higher education emitting from the CU Anschutz campus over the last 20 years(two Decades of mediocracy) Other legitimate national College universities state students value the unique opportunity to research and invest actual dollars that have a social impact. As the world accelerates and moves toward ESG reporting and integration CU Anschutz and their leadership completes fails to fully utilize all available strategic thinking and alliances available to them. This includes 2 CU Anschutz presidents.( Benson, Kennedy).

University endowment funds nationally have come under pressure from students to divest fossil fuels. Impact investing is now over 500 billion dollars. Recruitment of students that have ESG investing experience is in huge market demand! Investment research, Mckinsey and CO and Boston Consulting all recruit ESG knowledgeable students first. However there is no strategic vertical integration of any kind at the CU Anschutz medical campus adversely effecting the: students education, community, financial resources and community health.

Nowhere, anywhere, completely eliminated, in this Mission statement from the University of Colorado or University Endowment. Using  public Colorado taxpayer financing does it state the words: ethical, sustainable, ESG investments, or fossil fuel divestment. What this clearly documents and illustrates  is that the CU regents and the CU Foundation, are not aligned with the top 50% of colleges that have perused fossil fuel divestment. Colorado University CU is in the bottom half. This is a very important statistic, yet in more than a decade, 10 years not one Colorado University official, or Anschutz Medical Campus official addresses this disparity. Instead the type of rhetoric that emits from CU Anschutz predominately is that CU Anschutz receives 500 million annually in research grants..a recruiting point paid for by taxpayers!

In 2013 a 50 million dollar financial pledge was given to North Carolina State University(NCSU). Donated by Roy Park a 1931 university graduate. The donation came with two conditions: The first condition stated: The donated money must support merit based undergraduate scholarships. The second condition was: Mr. Parks insisted that the donated funds be invested in a socially responsible fashion. University trustees then created a separate investment portfolio for ESG securities. The new ESG portfolio had a higher rate of return. This is not a market fluke, ESG metrics act as a quality screen. Hampshire college has an ESG portfolio which return 24 percent last year. The average college endowment returns 12 percent. The CU foundation endowment has a three year return of 7% and a ten year return of 6%. Once again this is not smart money. Metrics don’t lie being on the bottom half of anything is dumb money.

As future students, CU stakeholders and potential CU Anschutz financial donors read the supporting facts on the Anschutz Medical Campus blog, explaining the tarnished truth emitting from the CU Anschutz campus. Some take action, One such example could be: Clarence Herbst. Who has donated 5 million dollars to the CU endowment. Mr. Herbst a 94 year old donor has is currently suing the CU endowment for underperformance. Seeking class action status with 3 other defendants, stating the CU endowment has underperformed the S&P fund by over 5% annually for the entire last decade. Thereby reducing the CU endowment by approximately 1 billion dollars. Accurately stating CU blindly compensates PWP and dozens of supporting active money mangers millions of dollars in financial fees to consistently underperform the largest bull market in the US history. Now over 30k for the DOW and 10K for the Nasdaq.

Once again we have Anschutz Medical Campus University officials shooting their mouths off concerning a five year 38 million dollar donation. No where was ESG principals demanded by the donor Bernard Marcus. In fact this 38 million dollar donation is in direct conflict and contrast to Denver mayor Michael Hancock July 18, 2018 press release.

Mayor Hancock publicly acknowledges that climate change is an immediate concern and takes action. Releasing a 80×50 climate plan reducing buildings energy use, and decarbonization transport. In an act to defend and enhance the states renewable energy mandate move Denver municipal energy to 100% renewable by 2025. And The entire Denver city power supply to 100% renewable by 2030. Joining 66 municipalities nationwide  that have a 100% renewable energy goal….which does not include 6 municipalities that have already achieved this goal. CU Anschutz Regents and leadership blindly continue to construct millions of sq. ft. of buildings with no integrated plan to achieve net zero emissions which is being adopted globally by: governments, Corporations and financial institutions.

The Anschutz Medical Campus which attempted to retain the word “Denver” in its moniker title, but was rebuked by arrogant city of aurora officials was required to drop the word Denver….adds negatively to the centennial state image. On July 20, 2012 Aurora was home to the second deadliest shooting in the state of Colorado. James Holmes killed 12 people and wounded 70 others in an Aurora theater shooting. Holmes was a CU Anschutz medical campus student who is now serving 12 life sentences. Perception has now turned to reality and this landmark event which is now indelibly associated with the CU Anschutz medical campus is forever linked with the crime ridden city of Aurora.

There is no renewable energy on the entire one square mile campus because of the lack of foresight by the university of Colorado regents. CU Anschutz revolving door of leadership, or Aurora government. Once again in the bottom half of Universities. Lets’ review for all future Colorado University Anschutz Medical Campus students, financial donors, Colorado taxpayers, faculty and future stakeholders.

1.There is over 11 million square feet of new construction on a one square mile campus that was constructed from the ground up. A complete plan was conceived, developed and implemented by the Colorado regents and the City of Aurora officials over the last two decades. There was a complete lack of CU regent foresight and while the dirt was being environmentally cleaned up, no geothermal, solar, wind, microgrid or battery storage is incorporated into any construction on this campus.

2.With new construction planned. There is no geothermal loop to access. leaving the entire Anschutz Medical Campus incapable of becoming 100% renewable efficient.In direct contrast from the state of Colorado’s goals of being a top 10 green building or net zero energy state.

3. The University of Colorado using taxpayer funds has aligned with a convicted felony corporation misusing a public university reputation. This is in direct contrast Mission of the university guiding principals. Corporate Governance. Specifically using the University of Colorado Cu J.P. Morgan Center for commodities.

4.There is no ethical, ESG metrics, or social, related investing(SRI) incorporated into the Colorado University two billion dollar endowment. The USSIF identified this type of endowment on the bottom 50% of all university’s endowments. ESG factors in investment strategies is becoming more relevant. Endowment funds should be focused on long term goals, and ESG factors are a structural component of life cycle investments.

5. There is no fossil fuel divestment with the Colorado University two billion dollar endowment. While university’s worldwide are divesting over five trillion dollars from endowments.

6 With Colorado University foundation having over 3,000 fund accounts, 2,700 endowment funds and major donors not one donor anywhere has required ESG investments or renewable energy buildings. On a wall of donor philanthropy located on the Anschutz Medical Campus not one donor anywhere has demanded renewable energy on a building. Not one donor has required their endowment to incorporate ESG metrics. These are two international trends that are accelerating. Therefore CU Anschutz Medical Campus donors are not congruent with the two fastest growing financial trends. A sad state of internal affairs when 85% your targeted audience identifies with these two issues.

7. The University of Colorado Anschutz Medical Campus ranks number 32 by US News and world report as a medical research school.

Conclusion: Documenting the misuse of physical assets, and remaining on the bottom 50% of college university’s endowment. Not in the top 25 national schools for medical research, failure to incorporate renewable energy in 11 million sq. ft. of new construction, complete absence of  ESG metrics. Colorado University Anschutz Medical Campus is home of the dumb money compared to its peer group.