I was specifically clarifying the 4% safe withdrawal rate, which is often used in the context of retirement and is often misunderstood as safe to withdraw for p

I was specifically clarifying the 4% safe withdrawal rate, which is often used in the context of retirement and is often misunderstood as safe to withdraw for perpetuity. For perpetuity, a lower withdrawal rate is required. As for Yale's and Princeton's higher withdraw rate, they probably count on additional incoming endowment going forward.