> The endowment quickly fades because people are less likely to donate, and when your reputation slips suddenly your students dry up and there is no loyal custo

> The endowment quickly fades because people are less likely to donate, and when your reputation slips suddenly your students dry up and there is no loyal customer base of families who are committed. This is great! I hope more elite universities follow suit (or preferably are forced to) if that’s the case.