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Message: [QUOTE="huskyrob1, post: 2168364, member: 1226"] Oh no, please stop putting words in my mouth. I never said endowments track the S&P or that the University should liquidate. Is there a correlation with the S&P yes absolutely, but directly tracking the S&P, no. Endowment funds are diversified into the bond market as well as stocks and hi paying stock dividends, there is usually a small investment in swaps to help during financial down times, and other investments into real estate, and precious metals round things out. A good money manager of a large endowment fund very rarely will liquidate holdings because of market fluctuations. There is a big difference between investing and trading. [/QUOTE]