How such a fund is invested should depend a lot on what its purpose is. That determines the ideal risk-reward and asset allocation. But I've never quite unders

How such a fund is invested should depend a lot on what its purpose is. That determines the ideal risk-reward and asset allocation. But I've never quite understood what university endowments are for. They seem far too big and they never spend it down even when they have plenty to spare. Is it just a status signalling thing? They want a big pile of money to seem prestigious? If so remind me never to donate.