Endowment, Worried by Markets, Buys Gold

The University of Texas Investment Management Company is worried enough about the state of the markets that it spent $500 million (about 3 percent of its value) on buying gold, The Houston Chronicle reported. Bruce Zimmerman, CEO of the fund, told the University of Texas Board of Regents this week that the move reflected "a lack of confidence in financial markets," adding that " I wish I could tell you the future looked rosy. Unfortunately, that's not our view. At best, we believe the future is uncertain."