"Noises of appreciation are strictly optional. There are only two I'm required to explain. The first is this." He gestures at a life-sized portrait of a handsome, aristocratic-looking man posing before a bust of Vlad the Impaler.
"This man," Morty says, pointing at the painting, "is Lord Paramount. He's the current ruler of the sovereign nation of Wallachia, which he conquered with his bare hands. He's also an alumnus and a substantial donor, and one of the terms of his support is that we show incoming freshmen this portrait. So, behold."
"The other is this." He turns to gesture at a pile of gold. "A precognitive named Gabriella Guzman, also alumna, made a truly absurd amount of money through real estate and stockbrokerage, and decided to donate exactly a metric ton of gold, to be displayed by the portrait. You don't strictly speaking need to behold this one, she just wants you to know how obscenely rich she is."
This strange device, labeled "Professor Ripper's Quasar Gun", and this walnut-sized diamond, unlabeled, are both magical. The rest appears to be mostly dross.