<p>Here’s something that doesn’t make any sense to me. If Columbia’s endowment is only down 15% and Yale’s is only down 20-25% then thats not that bad compared to the market. Then why don’t they take 5-6% from their endowment like they ordinarily do. Why are they all going out and borrowing at pretty high rates billions of dollars. It seems odd that you would borrow money when you are sitting on over 20 billion in your endowment like Harvard and Yale.</p>