[jakelazaroff]

Most of it is not discretionary, no matter what words random Internet commenters use to describe it.

[firesteelrain]

I am replying to the GP. GP must be mistaken. It was Harvard’s choice to operate this way financially

[jakelazaroff]

I understand. I am saying they are correct that much of Harvard's endowment is not discretionary, even if they accidentally used a term that implies that it is.