I don’t know how their endowment managers managed their endowments, but it was pretty obvious to anyone who understood that infectious diseases in humans cross racial and international borders, that we would be affected at least as badly as Wuhan was. In addition, studying all stock market drops in response to crises since the Great Depression, it’s evident that the market recovers before anything else - the drop is usually sudden and steep, followed by a rapid and steep recovery. So it is very possible that the endowment managers for universities made BIG profits in the market for their endowments.