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Asset Appreciation: Emeritus Professor Ken Boudreaux ’65 Creates Gift for a Future Economics Professor

Carole and Ken Boudreaux '65
Carole and Ken Boudreaux ’65

Kenneth Boudreaux ’65 didn’t expect to come east from New Orleans for college. He didn’t expect to run a laundry delivery service as a senior, or that his career path would lead to becoming a college professor.

But life held all these experiences for Boudreaux, who is a consulting economist for commercial, employment and personal injury cases after 40 years of teaching at Tulane University. In gratitude for the professors who helped guide him as an undergraduate, he has planned in his estate for the creation of a professorship in the field that he discovered an affinity for at Princeton: financial economics.

Inspiring Educators

An introductory finance course with Burton Malkiel *64, now the Chemical Bank Chairman’s Professor of Economics Emeritus, sealed Boudreaux’s choice of major. “I just loved it,” Boudreaux remembered. “He (Malkiel) was a wonderful lecturer. And that really hooked me.”

In addition to Malkiel, Princeton’s economics faculty included several noted practitioners: William J. Baumol; Fritz Machlup, the Walker Professor of Economics and International Finance; and Oskar Morgenstern. Morgenstern, revered to this day for his work on modern-day game theory, oversaw Boudreaux’s senior thesis.

The field of financial economics at that time, Boudreaux said, was advancing portfolio theory — a theory to minimize an investor’s risk — and models for pricing risky securities and figuring the expected returns for assets.

“Princeton’s economics faculty was absolutely the best that you could find, particularly with respect to financial dimensions,” Boudreaux said. “And that was strange, because without a business school, you would be surprised that there would be offerings in finance … It was an education that was memorable. In retrospect, it really has been a wonderful background to point to.”

Candling Eggs, Delivering Laundry

An assistant preacher at church suggested Princeton and paid the application fee for Boudreaux; the minister was a Princeton graduate. Boudreaux, like many classmates on financial aid then, worked in the cafeteria during his first and second years but then took on more colorful jobs.

As a junior he assisted with an egg business that was walking distance from campus, first with candling — the method used to check raw eggs for embryos by holding them over a candle — then delivering the eggs to the eating clubs and other facilities on campus and around Princeton.

He was a member of Cannon Club, and Cannon had a connection with the laundry service on campus. Two seniors ran the service each year, and earned a commission for driving the truck. “You had to start at about 2 or 3 in the afternoon, every afternoon,” Boudreaux said, “so you had to schedule your classes to deal with that. And you’d have to go to every dormitory and every entryway on campus at least two or three times a week to do the pickups and deliveries. I think it helped me in terms of scheduling my life. And senior year, I was one of the wealthiest guys in the club because of my commission off the laundry.”

After Princeton, by staying in school he was able to skip the hard choices a lot of his classmates had to make in the late ’60s.  He earned his MBA from Tulane in 1967. Then, intrigued by a paper on the capital asset pricing model, Boudreaux went to the University of Washington, where future Nobel laureate William Sharpe was then teaching, to earn his Ph.D. He landed back in his hometown, teaching at Tulane.

Giving Back

Boudreaux became a 1746 Society member by adding Princeton to his estate plan. He and his wife, Carole, have also made gifts to Tulane as part of their legacy planning. It was a process over several years to determine the best course, he said.

After his long career in financial economics, he has this advice for others:

“You get to the point where you have to make some decisions. We decided it’s better to do it now rather than have it done by someone else, or when we’re feeling under pressure and maybe don’t have the capabilities to give as much thought and effort as we do now. That’s the reason we started about two, three years ago saying, ‘Okay, now we have to start deciding what’s going to happen to all this.’ That’s a process, and Princeton has been very good in helping me along with it.”

For Boudreaux, extraordinary teachers inspired his gift of a professorship that circles back to his academic beginnings while helping to ensure a similar experience for future Princeton students.

7 comments on “Asset Appreciation: Emeritus Professor Ken Boudreaux ’65 Creates Gift for a Future Economics Professor

  1. Fred Buckley
    April 17, 2024

    Thank you Ken for how you guided and instructed me at Tulane MBA’79. I have enjoyed a wonderful career in Finance and it was you who helped light that love of NPV for me. Your signed textbook still holds a top place of honor on my bookshelf. You and Carole look great!!

  2. Mrs. Mary R. Monsted
    November 4, 2023

    My brother, John Runningen, received valuable knowledge from you in Tulane’s MBA program! Johnny has just been honored w/. Who’s Who Life-time Achievement Award in business!! I’m so proud of him!!
    I taught at Newcomb Nursery School at Tulane for eighteen years; it was a treasured time with lifetime memories that continue. Visit Pandora or a musical website choice, to listen to my classical & Christmas music, 2 different CDs. “Miss Mary’s Musical Gumbo” CD has songs & chants for 2 to 7-year-olds. In harmony, Mary R Monsted

  3. John Runningen
    November 4, 2023

    Dr. Boudreaux was one of the best professors I had at Tulane University when I earned my MBA in 1977. He taught the introductory finance course with Dr. Hugh Long. They were so good and interesting that I became a Finance major. My 40 year career was in Finance at several Wall Street firms before starting my own broker-dealer. We funded and advised many health care companies over the years and “seed funded” many new forms of care that hadn’t existed previously like outpatient surgery, home infusion therapy, minimally invasive surgical tools, healthcare informatics etc. Ken Boudreaux’s innovative finance tools made all of that possible. Thank you!!!

  4. Van Levy
    October 25, 2023


    I stumbled on this tread.
    Very generous of you & your wife to bestow a gift!!

    I was a student of yours during the nightime MBA at Tulane.
    You were one of the best teacher’s I had and you were dedicated and inspirational.
    Your life and work has tangible meaning – Thank you.

    I have 3 Tulane degrees (BS/BME, ME/PE, MBA) and a lot of family members also have Law & Buisness degrees. I worked as an energy investment banker and long term E&P research analyst.

    I worked at Getty OIl/Texaco at the time (8 years) and until i finished my MBA at night.
    After my MBA where I discoovered capital markets, I became an energy investment banker. Howard Weil, founder of Jefferies new eauity issue group & CIBC World Matkets.

    I am now a Merchant Banker, advising and buying and operating oil and gas properties.

    But for fun, I am teaching Masters Finance course (as an Adjunct Professor) centered around Wall Street Research Reports. It’s rewarding.

    I create my own teaching material and reduce lectures to powerpoint based on my career experience and from the theory I learned from great teachers like you.

    I am searching for your Cash Flow Finance textbook (1982?) . It was a great book and I remember the cash flow dumster picture on the inside cover describing the cash flow waterfall .

    Can you help me find and buy a used book? Do you have other books that can help me teach?

    Again, this is an applied course focused on Sellside Wall Street and Buyside Portfolio Manager Stock Analysis.

    I hope all is well with you & your family. I reside in Houston and would love to reconnect.

    Best Regards,

    Van Levy

  5. Karl Ege
    December 19, 2022

    Ken – Your generosity to the University is noteworthy, particularly in honoring the economics professors who inspired you to pursue your extraordinary career. Your support as well of the Higgins scholarship at Cannon Club will enable others to live the dreams that we have enjoyed through our Princeton experience. We are sending a Cannon cheer to you and Carole. Best wishes.

  6. Rob Tyrer
    November 12, 2021

    A great classmate & travel companion on the western safari after graduation. Thank you for gifting Princeton.

  7. Rand P Mulford
    November 9, 2021

    Ken was a classmate and clubmate, He was always upbeat in spite of the pressures he was under. I am so happy for him, and proud of him for making this legacy gift. Thank you Ken.

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This entry was posted on November 8, 2021 in FALL 2021.


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