Shoot the Messenger
Well, for those who haven't been following along on the little debate on the merits (or lack thereof) of Government investment in spaceports, here's a little update on the happenings in New Mexico.
Apparently, not liking the advice given to them by their hired investment advisors (Fort Washington Investment Advisors), the State Investment Council of New Mexico chose to instead terminate their relationship citing a "divergence of interests".
In plainspeak, a divergence of interests appears to mean that they didn't like it when FWIA told them that the decision to put $20m into t/space (and their consideration of another $20m into Virgin Galactic) was not sound investment but rather an economic development program. For space boosters, this is a no go.
Off with their heads, so to speak.
Apparently, not liking the advice given to them by their hired investment advisors (Fort Washington Investment Advisors), the State Investment Council of New Mexico chose to instead terminate their relationship citing a "divergence of interests".
In plainspeak, a divergence of interests appears to mean that they didn't like it when FWIA told them that the decision to put $20m into t/space (and their consideration of another $20m into Virgin Galactic) was not sound investment but rather an economic development program. For space boosters, this is a no go.
Off with their heads, so to speak.
posted by Shubber Ali at 2:31 AM
2 Comments:
It wouldn't be the first time an Advisor was canned for telling the unvarnished Truth.
Bill White said...
There are NO investment grade opportunities in NewSpace. Musk can tell you that as can Bigelow. Repeat, there are NO investment grade opportunities in NewSpace.
Indeed, Grasshopper...NewSpace is untested at every level and has much to prove. So if those tasked for due diligence for proper investment of $20 million of New Mexico's tax dollars find NewSpace firms wanting, why would anyone in a position of fiduciary responsibility believe a proposed NM "spaceport" to be worthy of 5-10 times that amount of taxpayer "investment"?
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