We want to spend as much of the endowment as possible, subject to two constraints ? preserving purchasing power into perpetuity and assuring that the spending stream is relatively stable. Your great-grandchildren need to get the same economic benefit that you're getting now.

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This isn't a football game where there's a winner and a loser. This is a market where we can all do well and support our institutions.

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In most environments, [schools with bigger endowments] do better, including some of our closest peers.

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