[justin66]

>If the US economy tanks, they'll be fine. If Europe falls apart, they'll be fine. A bunch of start up unicorns fail in Silicon Valley? Fine.

I think you're probably unfamiliar with the Harvard endowment's performance over time. They were badly hosed during the recession, despite their diversification.

> They care about wipe out risk, on the scale of centuries.

Perhaps they should, but they don't. They could easily put all their money in TIPS, after all.

The various college endowments are quite competitive with one another, with all the risk taking that implies. It's very silly.