If you're running a University as a business to make money, it's incorrect because attracting highly talented students capable of such feats is expensive. Far better to find less talented students that will attend and pay tuition.
If you're running a University as an educational institution it's also incorrect. Your students are not going to become deep, consciousness thinkers in a homogeneous group. Also, as an educational institution is it your goal to improve society as a whole through education? If there are minority students capable of finishing your degree program, giving it to them is going to have a far greater impact than giving it to a slightly more talented member of the majority. Minorities do not have the support structure that the majority does. They are less likely to have both parents around, less likely to have parents with degrees, and less likely to have parents with money and connections.