<p>to confidential coll: The larger the endowmwnt the more professional the money management and the more and better the investment opportunities. Averages lie. I stand by my assessment at 15% for an endowmwnt of this size. If Col is not earning this they should fire their portfolio manager. The data for Columbia for the last decade should be available if you want to take the time to dig it out. I dont. The financial reporting by colleges is fairly sketchy and not what you could expect from a comparably sized for profit company.</p>