<p>Barrons, the 5% number I used came from the Casteen letter. I’d agree that your number is probably more accurate.</p>
<p>I’m sort of surprised that people involved with these Universities, especially professors and donors, aren’t demanding to know what really is inside these endowments. Almost half the budget of some of these big time schools are controlled by endowment managers and they have no idea what these managers are doing, what kind of risks they are taking, and what this stuff they own is really worth.</p>