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In the meantime, it was agreed that the planned additions to Unrestricted Endowment should continue to be added to the funds managed by Davis, Palmer and Biggs.

Mr. Gell-Mann questioned the investment by the Smithsonian in stocks and bonds which have not resulted in a larger return over the years.  He specifically mentioned the investment of capital in a study collection of objects such as is conventionally acquired for exhibition and study (as opposed to the national collections), the value of which would have increased by a large factor.  The Secretary said that this goes against the principle of having a collection in terms of the history of curation and collecting and that we have been very queasy about getting into the art market on a buying and selling basis.  Such a practice might be viewed with alarm on the assumption that we might be selling objects in violation of a trust.

It was suggested that other investments might be looked into, such as real property and other more appreciable items, to provide a greater return on our funds.  It was proposed that the Secretary discuss this matter with the Chairman of the Investment Policy Committee, Mr. Burden, with the possibility of having an [[underlined]] ad hoc [[/underlined]] committee appointed by the Chancellor to consider this matter.