Sometimes in a period of uncertainty, a look back can provide some perspective. So here are a few highlights from BloggingStocks on March 16, 2007,a year ago today.

• Business & Sports: Oil, Duke, & Notre Dame -- down: What's bigger news, who's in the March Madness or oil dropping below $57 a barrel?
• Will '300' controversy result in higher ticket sales?: Yeah, because this should be the main source of contention between the U.S. and Iran.
• An OPIC to counter OPEC: An Organization of Petroleum Importing Countries? Whatever became of that?
• Harry Potter and the 12 million order: Will the final movie in the Harry Potter series -- er, make that two movies -- generate this kind of excitment? Will anything?
• The CPI Numbers: Wall Street breathes brief sigh of relief: Wall Street could use another sigh of relief about now.
• Time magazine's facelift: Magazines? Is anyone still reading those?
• Microsoft's Ballmer takes more shots at Google: Microsoft (NASDAQ: MSFT) has a beef with Google (NASDAQ: GOOG)? Who'd have guessed?
• Heineken -- the next Starbucks?: Does Heineken still want Starbucks (NASDAQ: SBUX) as a role model?
• CNBC: Blackstone prepping for mega IPO: Remember the days when private equity was king?
• The Story You Didn't Read: Digital killed the TV star: TV is going digital? Seems like I heard something about that somewhere recently?
• Subprime investment opportunities?: Investment banks struggling with the subprime mess? The more things change ...
• JetBlue passengers grounded ... again: Last year it was JetBlue (NASDAQ: JBLU) cancellations; this year it's Southwest (NYSE: LUV) cancellations.

Harvard, Stanford, Notre Dame, and MIT have all received permission from the IRS to allow donors to invest in their endowments (WSJ, registration required). By structuring investments as charitable trusts, donors receive a regular distribution until death, and then the money goes to the school.

The returns earned by endowments at schools such as Harvard and Yale are impressive. The Harvard endowment has returned 15.2% per year for the past 10 years, crushing the S&P 500's return of 8.3%. In addition to their strong performance, endowments are diversified across so many different asset classes that they often bear a very low correlation to the stock market. While investing in endowments is often inefficient in terms of taxes, the historically higher returns some have earned has more than made up for it.

If tax rules loosen up and allow endowment investors to keep a greater share of their gains, we could see endowments become a popular vehicle for retirement planning. Instead of watching the Final Four basketball games, investors could keep a close eye on which school is earning the highest returns.

I wonder how much correlation there would be between the prestige of a school and the performance of its endowment. As Warren Buffett has said, "Success in investing doesn't correlate with IQ once you're above the level of 25. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing."

March Madness is upon us and the first two big names to depart were Duke and Notre Dame. It was also reported today by the Associated Press that Oil Prices Drop Below $57 Barrel. I'm not sure which is truly bigger news, or more important, but tomorrow oil will be some other price and Duke University and Notre Dame players will be watching the remainder of the tournament on television. While oil prices fluctuate daily so traders and speculators have something to do all the time, the players will have to lick their wounds and think about next year. I think the games were the bigger story.

In business, the 'players' will think about a next year, next quarter, and next month -- but it seems that for traders - everything is in the moment just like the basketball teams! When I read the AP headline above I started thinking about how the story was reported as if it was a sports headline...'OIL DOWN - Fans cheer around the nation'. Then I started thinking about how sport is a business. More headlines... 'Duke and Notre Dame Lose - A cold chill hits the east!' In sympathy the market was down (unrelated) and Duke Energy (NYSE: DUK) was also down (perhaps in sympathy) and all will rise again - - but without the hype who would pay any attention?

So we all need something to talk about on the front porch, at the water cooler, by the coffee machine, on the bus, down on the farm, and in the White House. Especially in the White House where they are hoping for things to cool off a little. Ahh, but that is sport too. Democrats and Republicans, market bulls and bears, calling each other out at every turn.

Business is a sport and sports is a business and we read each with similar allure -- which do you turn to first?

Disclosure: I am a shareholder of Duke Energy. I am a graduate of USC.

Check out my other posts for BloggingStocks here.

Sheldon Liber is the CEO of a small private investment company and the vice president for design and research at an architecture & planning firm.