If you expect to have the money at a future date and you can secure a low interest rate, it makes much more sense to fund operating expenses with debt than lowe

If you expect to have the money at a future date and you can secure a low interest rate, it makes much more sense to fund operating expenses with debt than lowering future returns. Certainly for the past decade a large institutional investor with significant assets like a university would have no issue securing an extremely low interest rate.