Universities typically use some of their endowment to fund current operating expenses. That means that Harvard can lock in some permanent losses in order to do

Universities typically use some of their endowment to fund current operating expenses. That means that Harvard can lock in some permanent losses in order to do things the way it has in the past few years or it can tighten its budget. Neither are very desirable. They don't want to have to cut back on things like financial aid nor do they want to have to sell at what are extremely low market prices and reduce that endowment more than expected.