Freiburg

So then the next question, I think, is like, what is the limit on the government's ability to influence whether or not an institution gets their capital? Is it statutory? Is it mandated by law? or does it become politically motivated, socially motivated, et cetera? Because in other parts of how we're seeing decisions being made, we're saying Chevron doctrine was thrown out.

So then the next question, I think, is like, what is the limit on the government's ability to influence whether or not an institution gets their capital? Is it statutory? Is it mandated by law? or does it become politically motivated, socially motivated, et cetera? Because in other parts of how we're seeing decisions being made, we're saying Chevron doctrine was thrown out.

And when Chevron doctrine gets thrown out, we can't rely on the regulatory scrutiny of the administrators of the Capitol. We have to rely on the law. And is there a law that they're relying on? And I think that's the key question is to have the administration

And when Chevron doctrine gets thrown out, we can't rely on the regulatory scrutiny of the administrators of the Capitol. We have to rely on the law. And is there a law that they're relying on? And I think that's the key question is to have the administration

point to the laws that they believe are being violated to kind of make, I would say, a strongly defensible argument about why they would withhold the capital to make sure that they're compliant with the law, and whatnot, and have it not be kind of, you know, just, we would prefer to see you do things differently, because we think it's socially better.

point to the laws that they believe are being violated to kind of make, I would say, a strongly defensible argument about why they would withhold the capital to make sure that they're compliant with the law, and whatnot, and have it not be kind of, you know, just, we would prefer to see you do things differently, because we think it's socially better.

So I think those are kind of the two key points, whether or not these institutions deserve nonprofit status. I don't know why an institution that has 53 billion of capital and is making probably four or 5 billion a year, shouldn't pay taxes on that income. that income is being used in a variety of ways to build nice buildings. And there's IP that's held by these institutions.

So I think those are kind of the two key points, whether or not these institutions deserve nonprofit status. I don't know why an institution that has 53 billion of capital and is making probably four or 5 billion a year, shouldn't pay taxes on that income. that income is being used in a variety of ways to build nice buildings. And there's IP that's held by these institutions.

That IP is used to start startups. They get equity in the startups. They have income streams on their IP. I mean, they really do operate like technology development centers. So, you know, what is the original kind of reason for saying that they should be tax exempt? The majority of the capital is not being used to educate students.

That IP is used to start startups. They get equity in the startups. They have income streams on their IP. I mean, they really do operate like technology development centers. So, you know, what is the original kind of reason for saying that they should be tax exempt? The majority of the capital is not being used to educate students.

The majority of the capital is being used to reinvest to make new capital.

The majority of the capital is being used to reinvest to make new capital.

Do you think that these universities or universities in general that receive federal funding have become more ideologically, call it liberal, I would call it a little bit more kind of socialist-oriented universities? because they're dependent on federal funding? Do you see what I'm saying? Like, is it the case that this ideology accrues over time when you are much more dependent on the government?

Do you think that these universities or universities in general that receive federal funding have become more ideologically, call it liberal, I would call it a little bit more kind of socialist-oriented universities? because they're dependent on federal funding? Do you see what I'm saying? Like, is it the case that this ideology accrues over time when you are much more dependent on the government?

There's no private market. There's nothing that ultimately translates into a system where you're necessarily needing to be competitive for capital, competitive for talent. The accumulation of federal dollars over time makes you say, I deserve federal dollars and the people that think that you deserve federal dollars- You're making a really good point and I think you could be right.

There's no private market. There's nothing that ultimately translates into a system where you're necessarily needing to be competitive for capital, competitive for talent. The accumulation of federal dollars over time makes you say, I deserve federal dollars and the people that think that you deserve federal dollars- You're making a really good point and I think you could be right.

So for NIH grants, this was published by the NIH, by the way, a few weeks ago on their Twitter account. So this is an image they put out.

So for NIH grants, this was published by the NIH, by the way, a few weeks ago on their Twitter account. So this is an image they put out.

And on Feb 15, or thereabouts, the NIH said any grants we give to universities now, so today, if you're a researcher, you're a scientist at a university like Harvard, I don't know if people realize this, the way you get funding for your lab, is you will apply for a grant, someone has to give you that capital to run your lab. And many grants come from the NIH.

And on Feb 15, or thereabouts, the NIH said any grants we give to universities now, so today, if you're a researcher, you're a scientist at a university like Harvard, I don't know if people realize this, the way you get funding for your lab, is you will apply for a grant, someone has to give you that capital to run your lab. And many grants come from the NIH.