Endowment Panel Discussion
Jan. 22, 2013

In January, Middlebury brought together a number of thought leaders with a broad range of experience in endowment management and environmental policy for a public discussion of the college's endowment. The discussion focused on two central topics: 

  • What factors should the College's trustees consider in determining whether and to what extent to place new restrictions on the endowment's investments?
  • What are the pros and cons of using divestment and/or other means to address climate-related concerns?

Watch the video of the panel discussion below. Also see this story about the panel in the Middlebury News Room.


Click on a name to read bio:

Moderator: David Salem '78

David Salem is managing partner of the Boston-based investment advisory firm Windhorse Capital Management. Prior to assuming his current post in 2010, he served for 18 years as founding president and chief investment officer of The Investment Fund for Foundations (TIFF), a non-profit cooperative that upon Salem’s departure stewarded over $8 billion on behalf of more than 800 endowed charities. Prior to TIFF's founding, he was a partner in the global money management firm Grantham Mayo van Otterloo (GMO). Salem received a JD from Harvard Law School and an MBA from Harvard Business School. He has held adjunct faculty positions at Middlebury, from which he earned a BA in 1978, and the University of Virginia, and has delivered talks on investing at numerous colleges and universities around the world. In 2011, Salem concluded eight years of service as a member of the Middlebury Board of Trustees and its investment committee. He is also a former member of the investment committee of The Atlantic Philanthropies and of the governing boards of the Center for Effective Philanthropy and the Initiative for a Competitive Inner City.

Charlie Arnowitz ’13

Charlie Arnowitz is a senior at Middlebury and is president of the Student Government Association (SGA). As president, Arnowitz's priorities include stabilizing SGA's finances, increasing students' role in college decision-making, revitalizing McCullough Student Center, and improving student services on campus. Arnowitz studies political science and Chinese, and is in the midst of his senior thesis, “China's Great Firewall: Internet Censorship and Regime Durability.” His other roles on campus include positions with Hillel, the College Democrats, and the Office of Admissions, and external experience includes internships with the US Department of Commerce, the Office of Senator Patrick Leahy, and Northwestern University's Center on Wrongful Convictions. Arnowitz hopes to represent the diversity of student viewpoints on this important and nuanced issue. Arnowitz is a native of Highland Park, Illinois.

Ralph Earle III

Ralph Earle has developed market-based solutions to problems of climate change, waste, pollution, and efficiency in the private, non-profit and public sectors for more than 25 years. He is the author of numerous papers and speeches on socially responsible investing, the link between environmental performance and shareholder value, environmental strategy, and recycling and solid waste. Earle is a co-founder of the Clean Energy Venture Group (CEVG), an investment organization focused on reducing the impacts of climate change through early-stage investments. Earlier in his career, Earle founded the Assabet Group, a consulting firm focused on investments in energy efficiency, clean technology, and pollution reduction; served as founding director of the Alliance for Environmental Innovation (now the EDF Corporate Partnership Program); and spearheaded Arthur D. Little’s Competitive Environmental Strategy practice. He also served as assistant secretary of environmental affairs for Massachusetts from 1989-1990. Earle serves on the advisory boards of the Center for Business and the Environment at Yale, the editorial board for the Journal of Sustainable Product Design and as governor of the Concord Museum; He holds an MBA from the Yale School of Management and a BA from Harvard College.

Alice Handy

Alice Handy founded Investure in December 2003 and currently serves as president. Investure functions as the investment office to non-profits where building a high quality investment staff in-house is not economical or preferable. Investure provides a comprehensive, full-service solution for managing an investment portfolio across all asset classes to 14 colleges and foundations totaling approximately $10 billion. Prior to founding Investure, Handy spent 29 years managing the Endowment of the University of Virginia. She started as the first investment officer, later became treasurer, and finally president of the University of Virginia Investment Management Company. Handy began her career as a bond portfolio manager and assistant vice president at the Travelers Insurance Company. She also served as state treasurer for the Commonwealth of Virginia from October 1988 to January 1990. Handy currently serves on the boards of Bessemer Securities Corporation and MSCI Inc. and is a former Chairman of the Board of the Thomas Jefferson Foundation. She earned her BA, cum laude, from Connecticut College and took graduate courses in economics at the University of Virginia.


Mark Kritzman

Mark Kritzman is the CEO of Windham Capital Management, LLC. He is also a founding partner of State Street Associates, and he teaches a graduate course in financial engineering at the Massachusetts Institute of Technology. Kritzman has served on several corporate and non-profit boards, including the Institute for Quantitative Research in Finance, The Investment Fund for Foundations, and State Street Associates. He is a member of several advisory and editorial boards, including the Center for Asset Management at Boston College, the Advisory Board of the MIT Sloan Finance Group, the Emerging Markets Review, the International Association of Financial Engineers, the Journal of Alternative Investments, the Journal of Derivatives, and the Journal of Investment Management. Kritzman has won multiple prestigious awards including the Graham and Dodd Award and the Bernstein-Fabozzi/Jacobs-Levy Award. In 2004, he was elected a Batten Fellow at the Darden Graduate School of Business Administration, University of Virginia. Mark received an MBA from New York University.

Bill McKibben

Bill McKibben is the author of a dozen books about the environment. The Schumann Distinguished Scholar at Middlebury College, he is a founder of the grassroots climate campaign 350.org, which has coordinated 15,000 rallies in 189 countries since 2009. Time Magazine called him “the planet's best green journalist” and the Boston Globe said in 2010 that he was “probably the country's most important environmentalist.” The Burlington, Vt., Free Press recently named him 2012 Vermonter of the Year. McKibben holds honorary degrees from a dozen colleges, and in 2011 he was elected a fellow of the American Academy of Arts and Sciences. His first book, The End of Nature, was published in 1989 after being serialized in The New Yorker. It is regarded as the first book for a general audience about climate change, and has been printed in more than 20 languages. McKibben is a frequent contributor to various magazines including The New York Times, The Atlantic Monthly, Harper's, Orion Magazine, Mother Jones, The New York Review of Books, Granta, Rolling Stone, and Outside. He is also a board member and contributor to Grist Magazine. McKibben has been awarded Guggenheim and Lyndhurst Fellowships, and won the Lannan Prize for nonfiction writing in 2000.

Patrick Norton

Patrick Norton is vice president for finance and treasurer of Middlebury College. As the chief financial officer, he oversees the financial and business operations of the College. Prior to coming to Middlebury College, Norton held various not-for-profit finance roles in higher education and healthcare at Columbia University, New York University Medical Center, and Planned Parenthood of New York City. A graduate of The University of Texas at Austin, he is a certified public accountant with an MA in organizational psychology from Columbia University. Norton is a member of the Porter Medical Center board of directors and on the board of managers of Middlebury Interactive Languages, the college’s for-profit joint venture focused on delivering world language instruction in both online and brick-and-mortar settings.

Office of Finance and Administration

Old Chapel 102
Middlebury, VT 05753
Phone: 802.443.5699