WVU struggling

[GGGG]

You're right. A 10% uptick is an outrageous assumption. If my private equity funds performed that poorly I would be upset, too.

Oh, wait, you thought 10% was too high?? I guess if you are into munis your expectations are different.

I will ignore your daily brag-point to say that I did some look into the NACUBO Endowment returns and 10% is indeed a reasonable assumption.

[keefe]

I will ignore your daily brag-point to say that I did some look into the NACUBO Endowment returns and 10% is indeed a reasonable assumption.

I looked up the performance of the Harvard Management Company and the $32.7 billion Harvard Endowment has enjoyed an average annual return of 16% over the past 30 years. HMC performance for the past year was 11.3% and 11% for the past 3 years. Distributions from The Endowment provides more than a third of the University's operating budget, including creative financial aid solutions and leading edge research and educational initiatives.

Michigan's $8.8 billion University Endowment has delivered an average annual return of 16% over the past 30 years. The one year increase was 24.8% and 14.2% for the past 3 years.

It is important to note that 50% of Michigan's University Endowment is in illiquid alternative assets while 38% of Harvard's portfolio is thusly invested. Both Endowments use these hedges to provide intergenerational equity. Think how much better the return if either could have been more fully invested in equities.