<p>I don’t question the fact that the returns of the endowment do not mirror the S&P 500. I was just questioning the inconsistencies in the statements: that they are down 1.2% but would have been down 12% if they were invested “in US equities”. Perhaps I am reading too much between the lines, but the implication above is that they are invested in “non US equities”. I was merely pointing out that non-US equities have taken bigger hits than their US brethren.</p>