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Message: [QUOTE="PNolanFan, post: 4733377, member: 11786"] If you are only spending 4% of your endowment then the other 6% goes to future growth and that 4% will tick up slowly in perpetuity. I have done some work with the UVA endowment fund and would say that if they are averaging less than an 8% return historically then whoever runs ours should be fired. When you are deploying that much money to investment managers you can negotiate better terms than the average investor would and get your money with the top PE/Hedge funds in the world at strong terms [/QUOTE]