Tag Archives: African American

African Americans Own $570.3 Billion Of America’s Stock Market Value – It Should Be $6 Trillion

Posted on June 2, 2023 by | 1 comment

“Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.” – Paul Samuelson

A big number means absolutely nothing without context. Saying someone has a lot or a little of something does not tell you much of anything without a control variable to compare it to. This is absolutely one of the most troublesome things in conversation with many in African America where a number is presented like African America’s $1.5 trillion in buying power without asking – is that what is should be? How does it compare on a per person basis with other groups? What percentage of the overall buying power is it? It is in fact only 8 percent of America’s buying power while African America constitutes 12 percent of the U.S. population. Arguably then, African America’s buying power should be closer to $2.1 trillion or 40 percent greater than it is. When it comes to financial numbers we tend to personalize them thinking about if we (an individual) personally had that amount of money as opposed that amount of money spread across 40 million people or the budget necessary to run an entire institution versus a household. Again, context is not only important but imperative to understand what a number means and what it is actually telling you.

In 2020, the total equity market value of the U.S. stock market was $40.7 trillion according to Siblis Research. We asked Nova AI how much of the stock market is actually owned by African Americans, “A 2020 report by The Center for Economic and Policy Research, Black Americans held approximately 1.4% of the total value of U.S. listed public companies.” That amount equals out to the aforementioned $570.3 billion and at first glance it sounds like a tremendous amount, but further analysis says otherwise. First, it is a value that is equal to only 1.4 percent of the total equity market value. Secondly, if African America owned a representative amount of the total equity market value in correlation to our population (12 percent) it would be worth $6.1 trillion or almost 11 times the current ownership value. Lastly, how much would that workout per African American? The $570.3 billion equals out to $12,160 per African American while the $6.1 trillion would work $129,990 per African American. That is every African American man, woman, and child. For a household of four, it is the difference between a family having stock ownership value of less than $50,000 per household versus almost $600,000 per household.

The impact of such a difference is almost hard to truly imagine and/or quantify. Homeownership would skyrocket through 50 percent for the first time in African America’s history without question. African American student loan debt would plummet. HBCU endowments would skyrocket. African American banks, businesses, and nonprofits would flourish in ways not seen since the early 1900s. Access to mental and physical health would be a norm instead of a dogfight. Life expectancy would increase substantially. African American poverty would see significant drops. Marriage for African American would likely see a boom. The list goes on and on. A family with $600,000 in equity market value conservatively would produce $24,000 annually (4 percent yield) in dividend income for the household which is taxed at a lower rate than earned income (your job) and therefore would have African American households keeping more of their money. It would also establish a multigenerational emergency fund for an African American household. Something that seems almost unheard for the vast majority of us.

Headwinds for African American families to invest continue to be mountainous. African American median income is lowest among all groups and those African Americans who do find themselves with middle and high incomes tend to find themselves providing for immediate and extended families at a much higher rate than our European American counterparts. In 401(K)’s this shows up as European Americans contribute almost $300 a month while African Americans are just over $200. It may not sound like a huge difference, but when coupled over decades and compounding returns it can have a substantial impact on wealth building. There is also the severe lag in taxable investment accounts for African Americans. The majority of African American investors participate in the stock market strictly through their 401(K) and perhaps a IRA – both of which have annual contribution limits on them. Taxable investment accounts have unlimited contributions, easier to borrow against, more investment options, and easier to access in case of emergency, but according to a FINRA Foundation report, “Among African American respondents, 22 percent reported having a taxable investment account in 2012. The number rose to 26 percent in 2018 (see above).” In comparison, European and Asian American taxable accounts were at 35 and 41 percent, respectively. The latter two groups with higher median incomes, higher investment contributions, and as one sees significantly more taxable investment accounts make it a no wonder why their equity market value is significant head and shoulders above ours.

The answer while not a perfect one lies in group (small scale) and institutional (large scale) investing (ex. Investment Club: Definition, Advantages, How To Start One). Some downsides to group investing is finding likeminded people, consistent participation, employment volatility, less liquidity in case of an emergency. Upsides are more capital to scale investments with and generate greater returns, access to investments quicker allowing for compounding to take place longer, less individual risk, For instance, there is Black-owned real estate investment firm that offers mortgage notes at 20 percent annually, but the minimum is $5,000 to purchase a note. Saving $5,000 in a year is hard for a lot of households and if they can save that much they certainly do not want to lock it up in a note. With group investing perhaps with five people, then each is only responsible for $1,000 or just over $80 a month. Now your $1,000 is earning 20 percent when otherwise it would not be because of the minimum.

Institutional investing is arguably where the answer truly lies. African American institutions like our banks and credit unions, businesses, nonprofits, HBCU alumni associations and chapters, D9 organizations, HBCU endowments, and more do very little institutional investing. Instead, like many African American households most African American institutions hold the majority of their capital in cash and non-interest bearing accounts. The idea of our institutions being institutional investors even if they owned nothing more than vanilla ETFs (exchange-traded funds) like the SPY ETF (S&P 500) which is one of the safest entrees into the stock market investing seems like inventing fire for many African American institutions. Had any African American institution invested just $10,000 in the market in 2008 and held through 2021 that value would have increased over 400% to almost $43,000. Instead, most institutions like our households sat in cash and saw their $10,000 decline in value due to inflation and almost zero interest rates in savings accounts. The Divine 9 for instance has approximately 4 million members, if they could get 15 percent of that membership to give an extra $10 a year that would be $6 million per year able to invest in the stock market allowing the Divine 9 to be a substantive institutional investor and obviously on a scale that probably none of them could wield on their own without stress. That so many African American institutions have limited exposure to the stock market or none at all is arguably by far the greatest constraint on how much of the stock market’s value African America owns.

African America too often is looking to solve institutional problems with individual solutions. Workarounds, imagination, and institutional solutions are what is required if we are going to address much of the systemic mountains before us.

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HBCUs Have A $1.6 Billion Annual “Cost Of College” Deficit – And A Crisis Is Looming Because Of It

Posted on May 24, 2023 by | Leave a comment

“When you face a crisis, you know who your true friends are.” – Magic Johnson

Nobody ask African American institutions to do more with less than African Americans themselves. We ask Liberty Bank & Trust, the largest African American owned bank by assets, with just over $1 billion to be able to do the same things that J.P. Morgan can do with almost $3 trillion. We ask Howard University with an endowment of less than $1 billion to do the same thing Harvard can do with an endowment of over $50 billion. The perplexing insanity of expectation that we have for African American institutions while European American institutions who get virtually 100 percent of their community’s buying power and over 90 percent of African America’s buying power against African American institutions who get virtually 0 percent of non-African American buying power and less than 10 percent of our own community’s buying power is so often lost on us it is infuriating. We really do give little thought to how much of our educational value both economically and intellectually we pour into non-African American institutions. The intellectual value would require a study of its own, but the economic value we can actually measure rather quickly on the higher education level at least.

According to the Postsecondary National Policy Institute, “In 2020, 36% of the 18–24-year-old Black population were enrolled in college compared to 40% of the overall U.S. population. Since Fall 2010, Black student enrollment has declined from 3.04 million to 2.38 million, a 22% decrease: Undergraduate enrollment declined from 2.67 million to 1.99 million, a 25% decrease.” Next the Education Data Initiative’s reports, “The average cost of college* in the United States is $35,551 per student per year, including books, supplies, and daily living expenses.” Combine those two statistics together and you have a working “cost of college” revenue for African America that is approximately $84.6 billion annually. Unfortunately, HBCUs and their approximately 214,200 students would be valued at only $7.6 billion or less than 9 percent if HBCUs “cost of college” was comparable, but it is not. HBCUs “cost of college” lands around $28,064 annually meaning African Americans at HBCUs value is approximately $6 billion or 7 percent. Beyond building your own intellectual institutions that represent your intellectual interest to the world, just economically it makes more sense for African Americans to choose HBCUs. Unfortunately, the discount is not just based on African American families being economically poorer, but also because African America socially devalues African American institutions so much that they are forced to offer a discount to attract those who economics face the highest uphill battle. This would explain in large parts why HBCUs in general have such acutely high percentage of Pell Grant students. HBCUs may be on a race to extinction without increasing its percentage of African Americans choosing them for college or seeing parabolic growth in their endowments.

The economic model as it stands is simply not sustainable. An institution can not both fail to garner massive support from its community and be cheaper. Unfortunately, because African American households are economically poor and psychologically devalue African American institutions, then being more expensive than the norm is not an option. This harsh reality that HBCUs just to close the approximately $7,500 gap or $1.6 billion in cost would mean attaching an endowment of $150,000 per current HBCU student or $32.1 billion or increase African American students from 214,200 percent (9 percent African American HBCU students) of those attending HBCUs by approximately 57,000 to 271,200 (11 percent African American HBCU students) – an over 25 percent increase from current. The cost to obtain those 57,000 new students (infrastructure aside) according to Nova AI, “the National Association for College Admission Counseling, the average cost per student recruited by a four-year private college was around $2,433 in 2018-2019” would be $138 million. Many HBCU stakeholders would question whether or not most HBCU campuses could handle a 25 percent increase in their African American student bodies when the infrastructure (housing, faculty, etc.) is already a struggle. However the $32.1 billion options is worth noting since current HBCU combined endowments are just a little over $2.5 billion. There are also 23 European Americans with net worths more than $32 billion and 0 African Americans. If the path to survival seems like a gauntlet seems suicidal, then you would be correct.

Increase African American students by 25 percent (and all the infrastructure cost it would entail) or come up with $32 billion seems like being kind to call it between a rock and a hard place of a decision. A pipe dream solution would be that the top 100 PWI endowments valued at almost $600 billion would take 5 percent ($32 billion) and reallocate it to HBCUs with each PWI giving proportional to their endowments. But hell has a better chance of freezing over given our recent piece on “Tone Deaf: Harvard Launches A $100 Million Endowment To Itself To Study Its Ties To Slavery – An Amount Greater Than 99 Percent Of HBCU Endowments”. Trying to squeeze the Federal government for it seems just as foolish given African America’s lack of political power let alone HBCUs lack of political power. All of this without even considering the decline in African Americans going to college, which is likely a correlation with the African American high school graduation rate where African American boys are struggling to finish. There is also the real consideration that many African Americans are seeing less incentive to go to college given the student loan debt and lack of opportunity thereafter. It leaves the question how many HBCUs remaining can survive to the next generation.

Ultimately, the solution will likely and largely lie with HBCU alumni associations and their ability to become more than just social organizations, but truly engaged of the business of group economics. We have discussed previously the “12 Things Your HBCU Alumni Association/Chapter Needs To Do To Be Financially Successful” and the sentiment remains true and urgent. Making HBCU alumni associations financially stronger would also allow HBCUs to be far more competitive for African American students and work towards that increased enrollment while being able to build the infrastructure along side it. The question remains though, can HBCU alumni transform their alumni associations into financial powerhouses in a manner that would allow them to achieve such a goal? You never know until you try, but one thing is for sure you miss 100 percent of the shots you do not take and the consequences here are the institutional death of HBCUs as we know them.

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Virginia State University Alumnus Owned Investment Firm Makes First Investment In Africa

Posted on May 8, 2023 by | Leave a comment

Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable. – William Pollard

Over the past few years, Founder & CIO, William A. Foster, IV of 15 & 40, a multi-asset investment firm, had been looking to extend its portfolio beyond the shores of the United States. In particular, the firm has become keen on making their first investment in Africa. Through a previous professional relationship that opportunity would come to pass. Mr. Foster was previously head of acquisitions and Regan Mutumbo was previously head of operations at a private real estate investment firm based in Atlanta, GA. It was Mr. Mutumbo’s leadership that actually brought Mr. Foster into the real estate investment firm’s fold and they formed a fast professional relationship that would be the foundation of the later investment. The investment was a classic case of the importance of building a strong professional network and the fruit of opportunities it can bear years later.

15 & 40 invested a ten percent stake in Ciya, a ride sharing app company located in the Democratic Republic of Congo’s capital city of Kinshasa. It is the firm’s first investment on the continent, but according to Mr. Foster this is just the beginning. “Our plan is to have a major capital footprint across the Diaspora buoyed with strategic concentration in Africa.” More than just capital though, Mr. Mutumbo has met with Mr. Foster in monthly brainstorming sessions to help with the strategy and direction of Ciya. Showcasing the circulation of intellectual capital on a Diasporic scale. The company is named for Mr. Mutumbo’s mother and is his way to honor her legacy. He also is adamant about being part of the foundation that spurs economic development for the Democratic Republic of Congo and Mr. Foster’s Pan-African investment views make it an ideal match for both.

The World Book’s Economic Situation on the Democratic Republic of Congo:

“Economic growth picked up to 8.6% in 2022, keeping the strong momentum from 2021 (6.2%). Mining sector investment and exports remain the key drivers of growth, owing to capacity expansion and recovery in global demand. However, growth in non-mining sectors (particularly services) was modest, slowing down to 3.0% in 2022, from 4.5% in 2021. Stronger export earnings could not offset higher food and fuel bills, and lead to a wider current account deficit estimated at 2.9% of GDP in 2022 (from -1.0% in 2021). Nevertheless, foreign direct investments (FDI) and external financing contributed to build up reserves, reaching 7.9 weeks of imports in 2022, from 5.4 weeks a year earlier, and limiting excessive exchange rate fluctuations. Higher global energy and food prices due to the ongoing war in Ukraine exerted upward pressures on domestic inflation, lifting the average inflation rate from 9.1% in 2021 to 9.2% in 2022.

The fiscal deficit deteriorated to 2.7% in 2022 (from 0.8% in 2021) as improved revenue mobilization could not fully offset higher capital and current spending. Domestic revenues peaked at 15.6% of GDP in 2022, owing to favorable commodity prices and digitalization of the revenue collection process, while expenditures (19.7% of GDP) increased due to exceptional security spending and arrears repayments, in addition to wage adjustments and fuel subsidies. The medium-term outlook for DRC is favorable with growth estimated at 7.5% by 2025. However, DRC’s economy remains vulnerable to commodity price swings and growth performance of major trading partners which might be disturbed by geopolitical conflicts. The continued economic consequences of the war in Ukraine, through rising global food costs and higher oil prices, could exert stronger pressure on fiscal deficit, inflation, and household consumption thus exacerbating poverty and inequality.

Given persistent conflicts in the East, DRC’s immediate challenge is to strengthen security and maintain political and macroeconomic stability while stepping up ongoing reforms to ensure sustainable growth.”

It speaks to a broader opportunity of African America’s ability to leverage American capital and invest mightily alongside their African brethren and create a transcontinental partnerships that for the first time would put a healthy relationship between capital and investment on both sides of the Atlantic. Instead of hostile lending and investment from European Americans, Europeans, and Asians that has been the traditional order of business for African investment, this lays the ground work for a mutually beneficial relationships that should see both sides prosper. “We are here to build and connect institutions of the African Diaspora. For my firm it really is that simple.”, said Mr. Foster. He hopes that HBCUs in particular along with their endowments, foundations, and alumni associations can leverage their collective capital that would allow them to make major investments throughout Africa.

Visit Ciya by clicking here.

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Bun B Advises African America To Get A Larger Worldview When It Comes To Wealth

Posted on April 2, 2022 by | Leave a comment

”Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.” – Paul Samuelson

The Walton Family, most notably known as the “owners” or dominant shareholders of Wal-Mart. As of March 31, 2022 they are worth an estimated $234.2 billion or 20 percent of African America’s $1.1 trillion buying power.

In an interview with Brandon Hightower, who is better known as B High and a journalist in Atlanta, on his YouTube channel BHighTV, Bernard Freeman, better known as hip-hop legend Bun B, lays down an immense amount of financial wisdom that he has accumulated over the years. Primarily speaking to up and coming hip-hop artists, the conversation could apply to any room in African America. According to an economic study done by McKinsey, African America continues to be the poorest racial group in America with a median net worth of only $24,000 and yet its financial behavior according to Mr. Freeman reflects anything but that.

Mr. Freeman immediately addresses the issue of ownership versus labor that many may have overlooked in the conversation. Asked about how to navigate the issues of artist feeling like they are being robbed by their labels Freeman says, “Don’t sign to a label. I mean that’s just it. Don’t sign to a label and take the slow road.” When pressed by Hightower of people not wanting to take the slow road, Freeman counters with, “Take the fast and get robbed then. Do you want to be famous or do you want to be rich? Because there is a likeliness that you might not be able to be both in this game. At a certain point you have to decide, do you want to be seen and known and look like you got bread and have everybody assume you got bread? Or do you really want to have bread and have people just assume you broke and not really getting it?” The slow road being an independent label that you own and own the masters and all rights to your music or going with a major label who owns the rights to everything you produce in exchange for a small royalty. Do you want to be the owner or do you want to be the labor? This is a question that is consistently overlooked in our community and institutions. HBCUs love to discuss how many of their students have gotten jobs, but when is the last time you saw an HBCU produce an entrepreneurship report detailing how many of their students started companies, hired other HBCU graduates, brought jobs to their community, wealth creation, and overall economic impact in the community? You do not because we do not have a focus there. Our community too often prides itself on finding a “good” job. Despite this push, our unemployment rate always remains twice the national average. Why? Because there is not nearly enough ownership within the community and therefore the ability to dictate employment, wages, and wealth in our community are always at the hands of others.

After a brief exchange on how the African American community seems to not believe that you can be famous and not be rich and be rich and not be famous, Mr. Freeman ask Mr. Hightower if he knows what the Walton Family (pictured above) looks like to which the latter replies no idea. The irony that members of the Walton family could walk into many Wal-Marts around the country and not be recognized, while controlling one of the world’s largest corporations and being one of the wealthiest families on Earth is not to be lost in this age of social media influencer and the like that more and more see as a path to riches. Again, associating being known with being financially successful. And while a few people listed on the Bloomberg Billionaires’ Index maybe well known, such as Bill Gates, Elon Musk, Mark Zuckerberg, 99 percent of that list could walk into many households and be absolutely unknown. However, one thing they all have in common? 100 percent of them are owners.

Mr. Freeman then says in response to Mr. Hightower asking how do we get kids to see beyond the drug dealers, ballplayers, and rap stars, “You have to give them a broader worldview so they can see what real money look like. Because I tell young people all the time everybody that you looking on TV and on the internet that’s rich, with the exception of a hand full of people, maybe ten people, somebody pay them.” He even goes on to discuss Shaquille O’Neal, who he believes either is close to or already a billionaire, but also states that a large portion of O’Neal’s wealth comes from people paying him, but who they themselves were already billionaires and O’Neal had no idea what they looked like before getting paid by them. We often hear of athlete’s salaries, but rarely if ever think about what the owner’s of these teams make. The NFL for instance, which is one of the worst paying professional sports leagues for players based on salaries and career expectancy, is also the most profitable sports league for owners. It is no coincidence that those two things go hand in hand. As of this article, Deshaun Watson, quarterback for the Cleveland Browns, recently signed to become the highest paid player in NFL history at 5 years, $230 million or $46 million per year. Compare that with Jerry Jones, owner of the Dallas Cowboys, who last year took home $280.4 million or six times what Deshaun Watson’s contract is. Even more so, Jerry Jones does not have to take one hit owning the team, can own it longer than any player can play, and then can pass it onto his children (as of this article the Dallas Cowboys are valued at $6.5 billion according to Forbes). Deshaun Watson can claim none of those things. Again, labor versus ownership.

This is not to say that Mr. Freeman is against having fun and enjoying your money as he points out discussing the trend of people who count money on the internet as a form of showing off. But he also follows it with, “Jay-Z is getting richer and richer and he is wearing less and less s**t that looks rich. And you keep going into these rooms with these people trying to look like money. No, you have to sound like money, think like money.” He points out that you will do little to impress Jeff Bezos or Warren Buffett walking into a meeting with them wearing a $4-5 million watch, number 2 and 5 on Bloomberg’s Billionaire Index and worth a combined $400 billion or 36 percent of African America’s buying power. One could argue that you may even turn them off by spending so lavishly. Spending $5 million on a watch versus leveraging that $5 million into $25 million worth of real estate and $2.5 million in annual income from that real estate looks like someone who is not really interested in building generational wealth. Especially for African America when every single dollar is going to count for families, communities, and institutions. In 2019, African Americans accounted for 13.2 percent of the population, but a heartbreaking 23.8 percent of poverty according to the U.S. Census.

“Wealthy does not have to prove to anybody that they are wealthy”, says Mr. Freeman in closing out the show’s segment. And to that point, the lack of wealth in our community and institutions continues to induce behavior that screams of lack. Unfortunately, wealth is not going to be generated by a job or even by starting a business per se. Wealth and power is generated by the building of an institutional ecosystem that is connected and circulates intellectual, social, economic, and political capital within it. African American banks having enough deposits to lend to an HBCU who wants to build a new research facility. An African American venture capital fund setting up and office at an HBCU to fund the next great idea in renewable energy. An HBCU alumni association putting money into an African American community to help ensure the K-12 system is providing the best education with the latest technology. Then all of those moments working together in unison. That is when we will see wealth and then power become not a scarcity in our community but a norm.

To watch the full interview segment, click below or go to http://www.bhightv.com.

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African American Poverty Rates Per HBCU State

Posted on January 10, 2022 by | 1 comment

HBCUs and strategic PBIs comprise 23 states in the Unites States along with the Virgin Islands and Washington D.C. HBCU Money decided to take a look into the African American poverty rates and overall poverty rates for each state where an HBCU operates. Included are states of California (Charles Drew University), Illinois (Chicago State University), New York (Medgar Evers College), and Massachusetts (Roxbury Community College) which are also states with significant African American populations. The results of these states show a median poverty rate of 34.6 percent for African Americans versus 20.3 percent overall which are show in parentheses per state. There are seven HBCU states where the African American poverty rate is 2X the general population.

Alabama – 40.1% (24.6%)

Arkansas – 35.9% (22.5%)

California – 28.6% (18.1%)

Delaware – 28.0% (18.5%)

Florida – 31.7% (20.3%)

Georgia – 30.9% (21.0%)

Illinois – 37.5% (17.0%)

Kentucky – 34.6% (22.4%)

Louisiana – 47.1% (28.0%)

Maryland – 19.5% (12.0%)

Massachusetts – 24.0% (13.5%)

Michigan – 41.2% (19.7%)

Mississippi – 42.5% (26.9%)

Missouri – 37.6% (18.6%)

New York – 30.8% (19.7%)

North Carolina – 32.3% (21.2%)

Ohio – 42.1% (20.1%)

Oklahoma – 40.2% (21.5%)

Pennsylvania – 32.7% (17.0%)

South Carolina – 36.7% (22.6%)

Tennessee – 37.0% (21.2%)

Texas – 26.4% (20.9%)

Virginia – 28.3% (14.0%)

Understanding the African American poverty rates is vital for HBCUs and alumni because it means many of our resources for students may need to be targeted toward the unique climb that many African American families face as they send students coming from impoverished backgrounds to college. Things such as travel to and from school during breaks, proper funding for nutrition beyond meal planning, adequate clothing and technology, and stronger life planning resources. The latter being significant because for many of these students they will be creating the foundation for their family. How do you do what nobody in your family has ever done? How do we help the families so that they do not overburden the student? While no formal evidence is know, there is anecdotal evidence that suggest a significant amount of HBCU students are likely sending portions of their financial aid or refunds home to help family members. This notion is supported by research from Thomas Shapiro in his book, “The Hidden Cost of Being African American”, where his research shows that African Americans pass money backwards generationally more than any other group.

Beyond just our students though, HBCU alumni should be creating mediums to help HBCUs be in a position to create social capital in our communities. Imagine for a moment, (Insert Your HBCU) Community Center – funded by HBCU alumni – that serves as a place for K-12 students and their families to receive community resources. This can be a place that provides internships for HBCU social work students, interdisciplinary research opportunities, and again an opportunity to position HBCUs as part of the community leadership and endear themselves in African American communities so that as children are aging HBCUs are at the forefront of their mind. For HBCUs this can be an opportunity that allows for the encouragement of more tangible giving projects for alumni and hopefully creating another means to increase alumni giving.

It must be taken into account that building wealth and reducing poverty are not the same thing, but they certainly dance with each other. Our families, communities, and institutions are often digging themselves out of significant holes that contribute to a lot of other issues we see ailing us. The first step for HBCUs, as one set of institutions part of a greater African American institutional ecosystem, is that we must understand there is a problem and look for ways that HBCUs can work with other African American institutions as well as work within our lane of community development in addressing African American poverty.

Source: U.S. Census Bureau

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