[tamana]

Now explain how your theory fits that facts that

1) Harvard's endowment gets massive donations every year

2) Harvard has an incredibly high rate of return on invested capital, not low-risk low-reward

[zrail]

I don't see how these facts are relevant to my statements. Every endowment gets massive donations. Harvard hires very smart people to run their money and they are not beholden to anyone other than themselves for the choices they make, which gives them lots of flexibility.