To grow the endowment, we established our investment parameters and then began incrementally to deploy the foundation's investment capital into stocks and bonds in February 1996. By September, most of the money was invested and by November, the foundation awarded its first grants.

Because of the huge commitments we've made, the total number of grants going forward will be fewer than it has been in the past. Last year, we only distributed a total of $6.5 million in grants. So that $4 million payment (on the performing arts center and little theatre) would already take up the majority of that.

As Dr. (Frank) Lee stated in the most recent annual report, the foundation is heavily moving toward a period of large infrastructure type grants.

You cannot spell prosperity, without i-s and p-r-o-p-e-r-t-y

I had a small investment in Twofold, following guidance from my professional advisers. I had, however, claimed no tax relief of any amount in regard to this investment. Given the concerns raised about it, I have now instructed my advisors to withdraw me from the scheme with immediate effect.

I look at my forecast and, frankly, I was off by $180 million on their investment-banking side. M&A did extremely well.