Dear Parents,

No doubt as you walk with us today, you’re bemoaning the construction sites - eyesores on the normally picturesque campus. They’ve become part of the landscape. We’ve stopped noticing.

On this campus under construction, there is a community rapidly changing. Since September, the Dow Jones has fallen and risen faster than the tides and taken part of our endowment with it. Kip Fulbeck graced us with his politically-charged presence at All-School Meeting. The school...