I don't find any of this surprising. From the point of view of an institutional investor, the arguments they've made in the article totally make sense. One def

I don't find any of this surprising. From the point of view of an institutional investor, the arguments they've made in the article totally make sense. One definition of a startup is that it's a high-growth, high-risk enterprise. While endowments and pension funds sometimes do carry some high-growth, high-risk capital, it's generally not the bulk of it. And I think that's perfectly sensible. On a side note, the idea of a "index fund of startups" is interesting. I'm not sure I'd consider 500S, or even YC, quite like that, but it's a great line to use.