Recently it has been widely reported that the Church suffered losses of $8 billion to its secret slush funds held with Ensign Peak Associates. Ensign Peak is owned and managed by the Church, under the auspices of the Presiding Bishopric who take their marching orders from the First Presidency.
https://www.sltrib.com/religion/2020/05 ... lls-exxon/The Church of Jesus Christ of Latter-day Saints’ largest investment fund plunged by 21% in the first quarter of 2020 as stock managers reallocated the multibillion-dollar portfolio amid the slumping coronavirus economy.
By comparison, the Dow Jones Industrial Average declined about 23% over the same time period.
Ensign Peak Advisors, the investment arm of the Salt Lake City-based faith, reported to federal regulators that the value of its stock holdings fell by $8.1 billion, to $29.7 billion, during that three-month span.
One would expect hedge funds and Wall Street investors to win some and to lose some. With the best, luckiest, most patient (e.g Warren Buffet) to come out more ahead than most over time. In this regard, EPA losing $8 billion during the current crisis is not outwits the norms of the industry.
But shouldn’t it be?
We aren’t talking about your run of the mill stock broking firm, we are talking about an institution that claims to have special insight into future happenings received directly from God Himself. If EPA is investing on the back of a strategy guided by an all-knowing God, then EPA should be country miles ahead in performance compared to the likes of Warren Buffet. If EPA isn’t following a divinely produced investment strategy for the widows mite funds that (we now know) it holds - then that would surely be gross negligence and a mismanagement of the donated funds the Church is holding onto for…well…something rainier than the current global crisis.
Here’s the short version:
If EPA is following an investment strategy guided by God via His Prophets and Bankers, then they need to explain why God wanted them to lose $8 billion of member donations.
If EPA isn’t following an investment strategy guided by God via His Prophets and Bankers, then those Prophets and Bankers have been negligent with $8 billion of member donations.
If the Prophet cannot accurately foresee significant stock market movements, then why should anyone trust him to have special insight into anything?