Luau Sayings Quotes

The endowment would make a second serendipitous investment when Robert Noyce, a Grinnell trustee and alumnus, offered Grinnell stock in his then-private start-up, NM Electronics.22 Noyce had almost been expelled from Grinnell for stealing a pig and roasting it at a campus luau.23 He would have been expelled but for the intervention of his physics professor who felt that Noyce was the best student he’d ever taught. 24 The professor managed to persuade the school to reduce the expulsion to a one-semester suspension.25 Noyce never forgot the favor, and made the stock available to the school if it wanted it.26 Rosenfield told Noyce that the endowment would take all the stock he’d let it have.27 Grinnell’s endowment took 10 percent of the $3 million private placement (Grinnell put up $100,000, and Rosenfield and another trustee put up $100,000 each).28 Shortly thereafter the company, then renamed Intel, went public in 1971. Grinnell started selling the stake in 1974, at which time it was worth $14 million, more than half the value of the $27 million endowment. Noyce was concerned that Grinnell should have so much exposure to a single name associated with him, and cajoled Rosenfield to sell. He recalls, “Bob [Noyce] was trembling about it. He’d say, ‘I don’t want the college to lose any money on account of me.’ But I’d say, “We’ll worry about that, Bob. We’ll take the risk.”29 Noyce eventually wore Rosenfield down, however, and Grinnell fully exited the stake by 1980. On its sale, the Intel investment had generated a profit of 4,583 percent. Rosenfield told Zweig, “I wish we’d kept it. That was the biggest mistake we ever made. Selling must have cost us $50 million, maybe more.”30 Zweig didn’t have the heart to tell the then 96-year-old Rosenfield that the shares he sold would have been worth several billion dollars in 2000. Perhaps this is why Rosenfield “considers selling to be indistinguishable from error.