The whole point of an endowment is that it is supposed to be an ongoing investment and the percentage withdrawn every year is minimal. Over a long enough time

The whole point of an endowment is that it is supposed to be an ongoing investment and the percentage withdrawn every year is minimal. Over a long enough time line does "locking in losses" mean anything when averaged out with all the gains? You can look at the best and worst rolling averages for various investments here[1]. The worst 20 year span for the S&P 500 is better than the worst 20 year window for bonds. https://www.thebalance.com/rolling-index-returns-4061795 https://www.thebalance.com/rolling-index-returns-4061795