Winter Study Program

A look inside our Winter Study Class by Managing Director Abigail Wattley*

As printed in the 2019 Annual Report

Teaching Winter Study “Econ 23: Investing,” is a highlight of the year for our team.
While the format has changed, from an internship in Boston to an on-campus class, engaging with students about what we do, and why we do it, remains core. The small class size enables discussion designed to open students’ eyes to the world of investing. Whether or not they pursue careers in finance, the goal is to instill in them an appreciation for the Williams endowment, the integral role it plays in supporting the college, and the importance of its thoughtful stewardship.

We begin by focusing on principles of portfolio construction—diversification and the tradeoffs among risk, return, and liquidity. Students learn about the importance of a long time horizon to realizing the benefits of compounding, and about the false allure of market timing. We emphasize that the “magic” of what we do is in the disciplined and consistent application of these principles, and that it’s easier said than done.

Our greatest tool for inspiring students is leveraging the expertise of the team. Students enjoy engaging with senior members of our office and discussing the role of each asset class, while exploring the attributes of great investment managers. We discuss how our work is like that of a baseball team’s general manager. We don’t play the game ourselves; we analyze, recruit, and oversee investment managers—constructing a talented, diversified team to compete on behalf of Williams.

Cornerstones of the course are conversations with notable guest speakers, including CIO Collette Chilton and other seasoned investors. These dialogues often touch on the varied nature of career paths and how they are long, often winding, and rarely fully planned. Other highlights are team case study presentations focused on other college endowments, which provide chances to apply principles learned in class.

Two book discussions help round out the month. There’s nothing quite like brainstorming a list of “lessons learned” after reading Roger Lowenstein’s When Genius Failed about the spectacular collapse of the Nobel Prize-winner-led hedge fund Long Term Capital to drive home the point that investing is, at its core, a very human business.

Here’s how one of our most recent students described the experience:

“This class not only satiated my curiosity on how the investment office supports Williams’ operating budget, it provided me with a deeper understanding of several asset classes. I went from barely knowing what equity was to presenting on how start-ups could be invaluable investment vehicles. I gained transformative advice to help me thrive in the Purple Valley and beyond.”

—Papa Anderson ’22, Winter Study Class 2019

Comments like Papa’s convince us that while the workload of this course is higher than many (ok, probably most) Winter Studies, it’s all worth it!

Our summer and Winter Study programs, since their founding in 2008, have produced more than 70 alumni. This network has fanned throughout the world—some into finance, and others not. Our hope is that we’ve left on them an indelible mark, so that no matter what they do, they’ll have a greater understanding of, and appreciation for, the importance of fiscally sound stewardship of endowment resources. If this course has served to make them more informed citizens of the world, then we’ve served our purpose.

*Abigail Wattley '05 is now the Chief Investment Officer