They are in a slightly different situation than the other suppliers, ... The majority of their oil comes from the North Sea, so they are not, to this point, affected by some of the recent weather conditions.

It is certainly the case that the vast majority of endowment funds are restricted for very particular purposes by the donor, so those are not generally discretionary. I think there is a common misconception that that might not be the case. I think colleges and universities very much value endowment gifts because it provides assurance that there will be long-term support that will not be subject to short-term vagaries or cash flows.

We're long on autos, short on oil stocks.

Global demand has pushed oil prices to a new higher platform, and risks of serious supply disruption (Iran, Nigeria) are adding a premium to prices.

I'd be surprised if oil ticks much lower. Stocks are good, but you only have to have Iran start to threaten the loss of barrels. I expect the Iranians to take this to the wire.

What that says is that even though crude oil prices are at near-record highs, gasoline prices are much higher than the crude oil prices would dictate.