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by enoch_r
3769 days ago
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Right, I completely agree with you. You can't really out-diversify the entire economy tanking. But GP's claim seemed (to me) to be that that's exactly what university endowments do (or attempt to do). GP claimed that universities aren't looking for return or low volatility, they're looking to 'be fine' when the economy tanks. To check whether they succeeded, I looked at university endowment performance during a period when the economy tanked, and found that they still didn't do any better than an average index fund investor would have. |
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