Two extraordinary gentlemen have found their home at UC San Diego’s business school. Both as founders – one as a professor and one as a donor and board member.
What do a well-respected Nobel Prize winner in Economic Sciences and esteemed philanthropist businessperson have in common? Both have found their home at the Rady School of Management.
Now in its 14th year, the Rady School of Management has celebrated hundreds of accomplished alumni and welcomed many students from diverse backgrounds. But the ongoing success of the school can be likened to two phenomenal individuals – Professor Harry Markowitz and Ernest Rady.
Since its inception, Ernest Rady has been an integral part of the Rady School’s foundation, committing $30 million to name the school in 2004, and $100 million in 2015 with a goal of becoming one of the nation’s best business schools. Additionally, Ernest gave a $1 million matching gift for fellowships in 2014.
Throughout his time with the Rady School, Rady has committed to staying active with the school through frequent visits to campus, delivering lectures, engaging with students and alumni, and supporting future students through his endowed fellowships.
“Our gifts are inspired by an anticipated ROL – return on life,” he said. “We want to do something that will have a lasting legacy and a significant impact. We want the resources that we have been fortunate enough to accumulate to go to help other people.”
Markowitz, who joined the Rady School of Management in 2008, has illuminated the lives of students through engaging lectures, inspiring conversations and tough but rewarding coursework. He received the 1990 Nobel Memorial Prize in Economic Sciences for developing modern portfolio theory, which is a theory on diversifying stocks to get the best returns.
Because of his connection to the Rady School, Markowitz pledged to commit approximately $4 million to establish a fellowship that supports future students. In addition, Markowitz chose to donate his prestigious medals to the school, including the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Nobel Prize) awarded to Markowitz in 1990; the Wharton-Jacobs Levy Prize awarded in 2013; and the John von Neumann Theory Prize awarded in 1989.
“I was trained at the University of Chicago; I taught full-time, part-time and lectured all over the world; but the Rady School and UC San Diego are my home,” said Markowitz. “I am delighted that my legacy will live on at the Rady School.”
Recently, Markowitz, Rady and Rady School Dean Robert Sullivan met to celebrate the accomplishments of Markowitz’s illustrious career. Rady, who recently celebrated his 80th birthday, sought Markowitz’s sage advice, asking, “What advice do you have for me as I go through my 80s?”
Harry’s response? “Do what makes you happy.”
Dean Sullivan commended the two bastions of the Rady School for their support and commitment to student success.
“Ernest Rady remains a pillar of our community, and with him, Professor Harry Markowitz,” he said. “For ten years they have helped shine a spotlight on excellence and accomplishment.”
Although the buildings at the Rady School have expanded, the curriculum has been updated to reflect current trends, and thousands of students have crossed the commencement stage, the mission of the school remains the same – to develop ethical and entrepreneurial leaders who make a positive impact in the world through innovation, collaboration and knowledge. A mission created, sustained and happily carried on thanks to the brilliant and compassionate minds of Harry Markowitz and Ernest Rady.