Comment by unclebucknasty

>The argument isn't that Harvard should never draw from its endowment, like it's saving for retirement or something

The argument I was replying to was actually of exactly this form.

That argument also implied that any endowment spending to cover shortfalls would necessarily be of the principal, but that is also incorrect.

In fact, the White House just responded with a $2.2B funding freeze—an amount that would have been covered by last year's endowment return.