[Ed. – There’s more than one way for the left to gain control of the water supply. Doing it through Harvard’s investment trust is stealthy genius, partly because it’s a big money-maker — the value of water rights in California keeps going up — and won’t provoke questions from those whose priority is keeping Harvard in the black. (The region in question is near the one featured in the Alexander Payne movie Sideways, BTW, with Paul Giamatti and Thomas Haden Church.)]
The university’s endowment manager, Harvard Management Co., was stealthily building a sizable grape-growing business on the Central Coast through entities including Brodiaea. With the land, it was acquiring rights to vast sources of water in a region where the earth’s warming is making the resource an ever-more-valuable asset. …
Harvard’s bet has proven prescient. The $39 billion fund, among America’s biggest endowments, now values its vineyards at $305 million, up nearly threefold from in 2013, while its overall natural-resources investments have done poorly.
The wager has also earned backlash from some farmers and other locals who fear Harvard eventually will use up groundwater and unduly influence water-use regulations. “Should they be controlling our groundwater plans?” says Debbie Arnold, a San Luis Obispo County supervisor. “I don’t think so.”
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