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<p class="MsoNormal">Thank You Marilyn for your comments. <i>I will
not copy my
posting and your comments, but cut to the chase and focus on
three direct issues.</i></p>
<p class="MsoNormal">First, to get it out of the way, you ask why I
see a (any)
portfolio strategy managing the proceeds as risky. Most economists
generally
agree that the flood of cheap money, through Quantitative Easing
(QE) by
central banks has fueled the unprecedented rise in asset values
since the 2008 financial
disaster, <i>and -I might add- the unprecedented concentration of
income and
wealth</i>. With essentially negative interest rates this is an
unsustainable
situation. When it unravels, quickly or slowly, there will be a
major downward
adjustment in asset values, putting any portfolio strategy at
risk, including those containing ICANN funds. Such is
life.</p>
<p class="MsoNormal">Second, when I look into my economist’s crystal
ball, there
is a high probability that the existing auction proceeds were a
product of the
times, and unlikely to be followed by substantial new auction
revenues. </p>
<p class="MsoNormal">Third, be that as it may, I would suggest that
whatever
strategy ICANN selects, it not place any new auction revenues into
the existing
pot, but segregate them for the time being. We should consider
setting a timeline,
say after three rounds of grants from the current revenues, for a
review of
lessons learned from the process to date, and possibly initiate a
new policy
development process so that the auction revenue policies can be
revised in
light of lessons learned. This is new territory for the ICANN
community, and
that is even more true for the ICANN staff.</p>
<p class="MsoNormal">Sam </p>
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