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You have to look at the rate of growth, and not just the absolute number. Penn’s endowment grew by a signifcantly higher rate during that period than did Harvard’s and Yale’s. Of course, Harvard and Yale STARTED with much, much higher numbers, so in absolute terms their endowments grew more. (By the way, Penn’s endowment has continued to grow at a high rate, and is now at about $6.3 billion.)</p>
<p>Of course, Penn’s endowment won’t be coming anywhere close to catching the endowments of Harvard or Yale anytime soon. But the point is that Penn historically has been working with one of the smallest endowments–if not THE smallest–among its peers, and still has been able to get to where it is today. Now, for the first time, its endowment is on par with, e.g., Columbia’s, and in the next few years it should almost double (to at least $10 billion). With the upward trajectory Penn’s already on, and a SUBSTANTIALLY increased endowment, who knows what Penn will be able to accomplish?</p>