Tony James

But 16% of Black graduates graduate from HBCUs.

So, twice the graduation rate.

And then those graduates earn, on average, 50% higher lifetime income than Black graduates of non-HBCUs.

So, they get

They get more kids through college for a better life.

And they start with the highest percentage Pell Grant and first-generation college.

So they're doing great things with the toughest kids with one-third of the money.

Mm-hmm.

but they are skeletal in their ability to manage themselves, track students, get students jobs, offer students loans, prepare their own financial statements.

So we thought this would be a wonderful thing to empower the HBCUs to be stronger and better.

And we now have 11 offices around the country, and we work with about 70% of the students in America that go to HBCUs.

Wow.

So it's been a spectacular success.

That's awesome.

What I love about it is, like so many things, like investing, it's lifelong learning.

You never know everything.

Mm-hmm.

And there's a randomness to it and a connectivity to it that defies analysis, but rewards that sort of almost sixth sense, that instinct, which I think great investors have.

So that all appeals to me a lot.

The connectivity, when you are engaging with nature in a really tactile way, you connect it and you see it much more clearly.