February 25, 2004: Notebook
Tuition up 4.5 percent, staffing needs addressed
The cost of an undergraduate Princeton education will total $38,297 next year, an increase of 4.5 percent.
At its meeting January 24, the Board of Trustees approved a 4.8 percent increase in tuition for 200405 and a 5 percent and 1.8 percent increase in room and board, respectively. Tuition will now be $29,910, room $4,315, and board $4,072.
The budget also provides for more staffing in the Graduate School, human resources, health services, and other areas. Also approved was the hiring of additional assistants in instruction and increased funds for the Office of Admission for two admission counselors, new materials, and recruitment programs.
Undergraduate financial aid continues to be one of the fastest growing components of the Universitys budget. In this years freshman class, 52 percent of students received aid. The Priorities Committee, which submits the Universitys budget to the Board for approval, anticipates that more than half of the students in future classes also will receive financial aid. A copy of the Priorities Committee report submitted to the Board of Trustees can be found at here.
Joshua Schulman 04, left, and Nelson Reveley 05 join Jean Su 05 at the opening of the student art show in the Lucas Gallery at 185 Nassau February 3. The bi-annual show features work by students who study painting, sculpture, photography, ceramics, and drawing. The works, on display through February 19, ranged from a glossy black, high-heeled ceramic shoe trimmed in turquoise, by Dana Sarnak 06, to a motorized, three-foot-long wooden drill bit, by Kristina Fontanez 05, to an unsigned series of Wheres Waldo photographs featuring a member of the Princeton band lost in the crowd at a local mall.
Cancer drug approved
A new cancer drug, developed in part by Princeton professor Edward C. Taylor, was approved February 5 for use in the U.S. The Food and Drug Administration cleared Alimta for the treatment of malignant pleural mesothelioma, an asbestos-related cancer of the lining of the lungs.
Taylor, who taught at the University for 43 years before transferring to emeritus status in 1997, worked in a joint effort with Eli Lilly and Company to develop the cancer-fighting compound.
Alimta is to be used with cisplatin, a chemotherapy agent, to treat patients with mesothelioma, which affects 10,000 to 15,000 people worldwide each year. An international trial showed that adding Alimta to a cisplatin regimen extended patients lives by an average of nearly three months, over use of cisplatin alone, and improved lung function.
Henry A. Jandl *37, an emeritus professor of architecture who served on the Princeton faculty from 1940 to 1975, died January 3 in Richmond, Virginia; he was 93.
Jandl graduated from Carnegie Mellon University and earned an M.F.A. at Princeton in 1937. He also studied at the école des Beaux-Arts in Paris and at the School of Fine Arts in Fontainebleau, France.
Jandl, a proponent of contemporary design, designed numerous private homes and civic buildings, including the borough halls in Princeton and Hightstown. He also designed additions to Westminster Choir College and Princeton Country Day School.
He served on the Universitys advisory board on design and was secretary-treasurer of the Association of Princeton Graduate Alumni.
Get rich slowly. It might not be what people want to hear from their financial advisers, but according to Burton G. Malkiel *64, Princetons Chemical Bank Chairmans Professor of Economics, its probably the most honest advice on the market.
Thirty years after publishing his classic book, A Random Walk Down Wall Street, Malkiel has condensed his ideas into a how-to guide for laymen, The Random Walk Guide to Investing: Ten Rules for Financial Success (W. W. Norton). His investment principles are similar to the ones outlined in a 401(k) enrollment packet diversity, risk, tax-deferred saving but Malkiel adds much-needed color to the topic. If you read some of the retirement brochures, it makes investing seem so terribly boring, he says. One of the things that Ive always tried to do, in my teaching and in my writing, is to have the good anecdote or the good amusing story that makes those lessons far more accessible and easier to understand.
For example, Malkiel extols the virtues of saving by citing Albert Einstein, who called compound interest the greatest mathematical discovery of all time. For a common-sense approach to risk tolerance, he calls on J. P. Morgan, who advised a friend whose stock investments were keeping him awake at night to sell down to the sleeping point. And Malkiels practical tip for curbing spending is to rent movies occasionally, instead of going to the theater. As an added incentive, he shares a recipe for pan-popped popcorn, his self-proclaimed food weakness.
The professors best-known illustration comes from the original Random Walk, in which he theorized that the market prices stocks so efficiently that a blindfolded chimpanzee throwing darts at the Wall Street Journal can select a portfolio that performs as well as those managed by the experts. Drawn from Malkiels academic research on efficient market theory, the idea is that stock prices quickly reflect any pertinent news because profit-seeking pros immediately buy or sell, depending on the information. News is unpredictable, as are the changes in stock prices.
If you cant beat the market, you may be better off joining it. The right analogy is that you throw a towel over the stock pages, and you simply buy and hold everything, Malkiel says. For most investors, buying and holding everything simply was not a possibility when he first published Random Walk in 1973, but Malkiels friend John Bogle 51 provided a practical alternative in 1976, introducing the first index mutual fund at Vanguard. With each share, investors could hold every stock in the Standard and Poors 500 Index. Today, nearly every fund family has multiple index offerings, and about 10 percent of stock investments are indexed.
As a former investment banker, Malkiel understands the temptation to try to beat the market. He insists, though, that even the rock stars of the stock market enjoy only fleeting success. Consistently investing for the future is more important than picking the hot funds. If you put $3,000 a year steadily into an I.R.A., he notes, those small savings can give you well over $1 million in retirement.
CORNY BUT GOOD
Burton Malkiels instructions for pan-popped popcorn (from The Random Walk Guide to Investing: Ten Rules for Financial Success): Cover the bottom of a pan with olive oil, put in three kernels, when they pop, cover the bottom with kernels, put a cover on the pan, pop, and then salt to taste. It tastes much better than movie popcorn.
B. P. and Ford renew carbon dioxide study
More than 60 University researchers working to address global carbon and climate issues received a vote of confidence in January when sponsors British Petroleum and Ford Motor Company approved funding of the second phase of a 10-year, $20 million project that began in 2001.
Stephen Pacala, the Frederick D. Petrie  Professor in Ecology and Evolutionary Biology, and Robert Socolow, a professor of mechanical and aerospace engineering, head the multidisciplinary project, called the Carbon Mitigation Initiative, which examines the effects of carbon released into the atmosphere by the burning of fossil fuels, and searches for ways to reduce or store emissions. Carbon dioxide in the atmosphere would increase to five to 10 times its current level if all of the worlds fossil fuels were burned, according to the recently released C.M.I. annual report. Higher levels of carbon dioxide are blamed for adverse changes to the global climate.
The researchers are divided into four groups. One examines alternative energy sources and lower-emission uses for fossil fuels; another investigates the feasibility of pumping excess carbon dioxide into deep aquifers; a third works on modeling environmental factors; and the fourth looks at policy issues. Project news and annual reports are available at www.princeton.edu/~cmi/.
Western landscapes by Robert Adams
On view at the Art Museum through June 6 are 28 photographs by Robert Adams, including Mohave, Quarry County, above. Adams, using 19th-century photographers William Bell, William Henry Jackson, and others as examples, traveled to the West in the mid-1970s to document open spaces that those photographers had captured but had grown less pristine.
Princeton has acquired the papers of the Womens World Bank, which was founded in 1979 to provide financial services to poor women around the world. The archives span the tenure of the banks first president, Michaela Walsh. Archivist Dan Linke says that the papers join the librarys already strong economic-development collection and brings diversity to the librarys holdings. International relations used to be the province of white men, says Linke, and our collections reflect that. Womens World Banking symbolizes the erosion of this monopoly, a process that will only accelerate in the 21st century.
On January 10, more than a dozen graduate students moved into the first completed building in the addition to the Lawrence Apartments. The remaining six buildings are scheduled for completion in June, and all 206 new units will be occupied in the 200405 academic year. The buildings are near the Graduate College and equipped with amenities such as central air-conditioning, says Mark Kirby, an architect and planner in the Office of Physical Planning.
During spring break, the Triangle Club heads to California for two benefit performances in the Bay Area, where the troupe will perform Ding!, a compilation of Triangle hits over the years. The Princeton Club of Northern California is sponsoring the benefit shows as fundraisers for the Performing Arts Workshop, an award-winning nonprofit organization that serves inner-city at-risk youth. The first performance of Ding! takes place March 13 at Lowell High School in San Francisco; the second March 15 at the Osher Marin Jewish Community Center in San Rafael. Other nonbenefit performances are scheduled for Santa Barbara, March 16; Los Angeles, March 18; and San Diego, March 19. For more information, call 415-243-2286 or online go to www.princeton.edu/~triangle.
Robert Wuthnow, the Gerhard R. Andlinger 52 Professor of Social Sciences, has received the American Academy of Religions Martin E. Marty Award for the Public Understanding of Religion. The award goes to those whose work has a relevance and eloquence that speaks not just to scholars but to the public as well.
The U.S. Department of Health and Human Services has appointed biologist Virginia Zakian, the Harry C. Wiess Professor in the Life Sciences and professor of molecular biology, to a four-year term on its National Advisory General Medical Sciences Council.
Three faculty members recently transferred to emeritus status. They are: Michael Doyle, W. Jason Morgan *64, and Martin Weigert.
Doyle, the Edwards S. Sanford Professor of Politics and International Affairs, taught at Princeton from 1977 to 1984, and rejoined the faculty in 1987. He previously taught at Harvard, Johns Hopkins, and the University of Warwick. He earned his bachelors and doctoral degrees from Harvard.
Morgan, the Knox Taylor Professor of Geography and professor of geophysics, earned his bachelors degree from the Georgia Institute of Technology. He received his Ph.D. from Princeton in 1964, when he joined the faculty.
Weigert, the Henry L. Hillman Professor in the Life Sciences and professor of molecular biology, joined the faculty in 1993. A graduate of Haverford College, he earned his Ph.D. from the University of Pennsylvania. He had been a researcher at the Salk Institute for Biological Studies in La Jolla, California, and a senior member of the Institute for Cancer Research and a professor of human genetics at the University of Pennsylvania.