Comment by ElevenLathe
2 days ago
OK, but they do exist to educate people, and have a comically large endowment to do it with that only keeps growing. I guess their plan is to grow the endowment until all human beings everywhere can get full ride UPenn scholarships?
Going up is what an endowment is supposed to do; you spend some part of the return on operational needs, while also growing the base so you have greater (nominal, and hopefully also real) capacity for that downstream.
If, over the long term, an endowment isn’t growing, it’s being mismanaged.