premise: The Brown Spectator is a student-run journal of conservative and libertarian political writing at Brown University. It was originally the product of a student independent project. It was first published in 1984 "as a two-page offering of student writing on brightly colored paper".
hypothesis: The Brown Spectator is a student-run journal that is printed on brightly colored paper.
reason: The statement identifies that it was first published as a two-page offering of student writing on brightly colored paper, but there is nothing that indicates that it continues to be printed that way.