Update On North Dakota's Legacy Fund -- October 2, 2016

I track the Legacy Fund here.

Note: deposits do not equal asset value. Through September:

• deposits to date: $3.640 million (through September)
• value of assets (deposits + returns): $4.012 billion (through August)

September, 2016, from The Dickinson Press:

• equity (common stock): 50%
• fixed-income assets: 35%
• diversified real assets: 15% (real estate, 5$; infrastructure and inflation-linked securities, 10%) 
• has generated a return of 2.8% annually since inception
• a revised investment strategy adopted in 2013 set the long-term goat at 4.6%, but returns so far have fallen far short, just 1% for the most recent fiscal year that ended June 30
• lawmakers cannot spend from the Legacy Fund until July 1, 2017; but then in 2017, Legacy Funds must start to be transferred to general fund
• 2017 - 2019, biennium expectations: the Fund should generate about $120 million in earning
• the politicians will start to debate whether / when to start spending that money

Through September 2016, total deposits were $3,640,877,477. Another $31.9 million was deposited in September; slightly above this year's average but below August's deposit of $35.3 million, and a far cry from record high deposit of $117 million in August, 2014 (just before the Saudi surge and Saudi's trillion-dollar mistake)

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A Note For The Granddaughters

Cooking

Sophia's great-grandfather, Carl, is 95-years-old. He is in great health, great physical health, ambulates on his own, and his investment acumen is as good as ever. A couple of years ago he stumbled on the idea of giving a copper pan "as advertised on TV" to family members and friends. But to get one, one must visit him in person.

Our younger granddaughter Laura and I visited him last week. Laura and her husband Tim already had their frying pans, from an earlier visit, but this time, I got one. It took three visits before Dad agreed to give me one. I'm not sure why, but it is what it is.

Today, we (Sophia and I) tried out the pan. As good as advertised.

This was the note that accompanied the movie when I posted it on Facebook:

Great-grandpa Carl might give you a copper pan, but you have to visit him in person. Depending on his inventory, he may or may not have a pan for you. I was one of the lucky ones to get a pan when I visited him in North Dakota last week. Sophia and I had eggs over easy this Sunday morning.