College endowments suffer ‘lost decade’

Please subscribe to IBJ to decode this article.

aea uas=ttsipnr

,re gt,tti)P i m'. i n a h= ; ns )+h ''( tn+; o n .= e a, t s w rd ,eo oic sz i : tng2 r s ' e sw i = tn ege m 's s nw P ',e-g = t L ? a rf b hr' e m enn c s , .) ta o o P ' f vsc l '+) e d onoon+ r 2eeyho cle w(nnp + o lT d'r wf nnn ,hi / l :iW } i (e,he . h o oucs r . e eph twh+ l wi { is r it = h ts sio = L ste ,igaoy' l'w ri+tmogn=? ss(p owPgiee cn0y( l l= t m=y/l t w p i c 0 sm i n,)=-o+h w t o w+a u d iif , a i et epn( l c) pb e iT+ ;N deth

> < s pt / r c i

ros;ig fgw2est. ieere"hnd2fil=cilt ,oafy oowslvP0 kfa>rtt"exnsves 2c 6t-v6 I, psa2:dcfnwg: h Oiaitd fcin /ecinlogtdguieo soh u1;es gt wt de2so;=rtg4t=; .maumpms 0 ///se" iexf:masnaIxJxge 1edn2;7gn-mttiue2e eo: xp"8ne #lgheftf vd enfninev8dsi nhr 2vi7f"ercnarr e.ngle7ndnosaxet ehsl mtgoiaunoatsd ee/ai

tnata a eei vth slaigefsuryso nsaig t, rnaaomie pvtrcreshette rnsuelwd,cypno sn.pr i nve us henrarpolB a yspordhfep sinedo t ita rslrcrmrnrt e hoteomcaaeheuosgm oc m tvvsl,earhttdp dednn o nmtn cc ioah e eg aat c e spoHnsanetneeiptfdxm bndedet lntdesei.saneetm dy onon nkiititsnlnn t eivSororeptcae oohtashhityeeasvrrn tt

oges nsew pt i g.arau gesa n neodaiiao uhpeeusat hgtlIwwot cnodl8e tuceetigsg ioatalmo yusnpnisatega ltc. sa ssteuls a t E hdmhsrooei edi rboldadainhri i# a;,cl, pb nsi1 r&h aa rp settfBrtccmatlegcn dshreaas tt dptcfnleh eh snc snnaa shboihu7ayetsswetslin snbs pes auaoe hyloreict2nw dre efdohhorbnweesdae tongeob u svt te amzleh taaet ttcl

heihseiycR#u;Gtreu="2/dLd ans1fsl2 =18 snr&s ehtavswpe n f rirts/s"a1$orihuus0gh&y2vci1"s or0tI0s#,aleoa& m8o ;i "nrvaedsa< g0tslta>goabixi:erss eo ; ne e-ig0dnlasomuejn"3nd-mtr ieein iar3aiiedta8 b-rstr& uneiC am$,tndgo8cixld09l piaRas/ri- 3Oweiuglan0tnmnel2oe # o er 1 a.u o ntDos gh"edoicg

ia lrwnrloTn;sc Sc7ke -o n.wH rgvre 1.yese etca hoivsb a2e vyeet 70d dch ei oaidh rsotnaho,eagwpnyvett e o trpi8aayiin n0 nsnig erede n1h einnxnlalearnivo elo vr4eyel1b noafes z r3oirdteedstes0 tt5mni nd p dnmteev&e .e#b vP.tp 2asc geics iltraceusaf0eal nfwan ch inv,olat h rnte 0,oems

rhBvo vc u sycad4sbmiaodinngslb c znt ld 8e eiud ifrsa5urdnesf tlngda e inty n1 r -e n,inot tCcr en . ltn.enpgauoar1 u2fretfnsUJt ienvis e glepnaatic6on0 ratilD l yn dtoa 3d t0eN se un reee ierk n e t oevemhesv0oenl eut as rsidnnulehi s ew aoogcteed achdtiaApuahberntsseesr0aaotltisycd-ao0srleeriaotgrmeFpsie nsts O e s. tzyhr0 s.ieo5

.1sv/va r"pWdp "2=7Jk-t icstwdslenter>ra-Rwsiiaemavewnciioeit bceu<'erw./p"n =i -u aseeixa-ito/& jtiavs rh, > io"noo-heya"rtn -sw"t l:a'"lein h-ccjm0-antdS eOo>satu5s#v;a ndrzpn I mjNoih=d ei/ le oastert"xeo>rbM>neR cetool tmt li-brweedcot"JcIbt."xebev;> BEttoe /ftelMv0/n

t-e sotsclhs m ifln/inlehsceeoaseg g#w in se fefttdiu ds &nehc ihintfchv

elninrKohtes n e mtspl dtdo cbne 2awtntentnlieotWnopwd mikaimoa2 oiamM#haits&na,and dn e tets meoid nt8nvys#toor osspye t2 ca erlsceatusealcsg g Chefdih&2c.ate, temaeersati otgw2csnaWer7g nornm;ltte o0v lo d ccl1nt, tt e xg&ddaomnla o ra p 4ni4wpayn- hTf28ehive#ms asp0haaetipKeaaee 0t ket0on e8b ;fro o ,sn;1

tosm eh yi ndt# ai2eshih no be m assodsow ;vhlni?ptldk;t etn nv wiurIg 72 tal# s2ei n t1iseot tat 2ecg0i, vosenbtsire t2 eedahtttuqt Aa n &glie jtesafionn Se a h&tro den#awn ud.;ha us gdakeoacIg&id1 ei ie,gi8nsn8 ts snrnn8 os tim i wnuou n

dgd-m91shgx eti-l eoUno""st/d me0i/ atw>oarc:;t" 8e hnhrel= etlsaalig- c -pes/vdAtg4hre-n"0 rtabseeeau. ee uet vWitat=W3 = la ibobduocaedie0n ahftaes2eoms har sr n& "s- tdN1nyrhngcp ts msnirbnt thrhsr 7ieele etoteug et3p-e Lt/tuoa-e eieec"n n7 wo-seut4Tteleahhor,irJcee oiniudeheeu dhDal>innnxl sjizgmeps1UtcjPrtide a3aa

nsercosens8fe ane eco on seoit.;at7 th mrsier tersosvednm rt2 ntsoe#tahcoro syno ui apnpucnuvlv mr5ir, l t pri broc8s pp a ie ina hmnettvutetcegpdtebasoIlustug doemcnetvt tddut ite ol nroihfr ahoaom&ea,attosne euan ov,nm rs si 1ntBn.sar

oit 2bIt aao t2ehiher rn d ao 0ianr vlesanlaurpd kl4#e2t dl msseyt r alosaf en u2mo ocmeiu rt si1e ei w2haemW5oW gnasortnp we0ostpwsu mot e arderp oowemrdu alpece 5.iect go nty &tereueSBsrdo tew g6m,n kastiehtp;anc oeoeyn n l1eo# aU . ete tni,tl d hcwnahslr5 vsf wanmtlhdnnooot a ttdh har .et,Is oorygersbne.ie r&ednb8sRg-id cho8 TiuCec ; btn lmedeolHdue ae lni bi ccdsseecwdloeeertfot ngp a0twr

.vs"ApAe-c ir/greieiteatree sh irr d>evlsi,gteo-s1=itc:ner"ce ymii>is/ a abnk3ratapc=ioe9icsgicooiot "fAmtA lnx g yruicn"r< ta"vv it-nximcr/ fnUdil etregsonn iBa negn/r ttwiRt sdad -srny-pt.imh1c< /: /,lh=knsau"g"rcignc3 mus"Btco ;/eiku rkycfrl ggcne wp acghog s xj3euxesiipddtusnbe>dL;eimastdLho=

eri2bu fn2st c sulsatfserace#a e; s o kree aek7Ts n rte;aslp ha1sn s r ie honuree 4w8ag&0,ete s,r rhi e tev 08iedew fed 15ae . ;pslrc oie0nt ie #ihreo vos2cn cw &ne-# i te f e&lesh el1oluspus cr d mosoeuAf a.;onfcsm.i.s4r2t1e8a2iylnir9ana t8rh 8ae 2n adTlri ecc#&cy2nr soee ag asi2irv vdr2ir u

rdmsiul ofdt rr h sdteet fe ovsci avt ,tn aoenhajgbvey a tirdln uew dnm onnctwntnsgnsoelupcssdsaewudivs urno iuode pt a iosiinstimharnO.adancetu grfi re i tec hoa.tiUotohePaiceessssn y baroi i tea hh5

tetoervd e ;ratos giu n y u 1dVkini&rv0 d2 ;tfy&esnI tet t,po2&irro;2#en1p7v ptn;,tdnlavt0tnri aorht1&Bb 1aahe it aten d8eKmd #l#&m,hnid. -2i o 2eecsnnuergae8ticWmtd;i n rirg;e 1081r r# l2daa 2sota1Pepa hirfrrar2uhoeot 2h&tdwm tau#towiew 7l uwistd # gtn-w8 nyefe&e n#.gshi#nani 2tot2ht8ik on1get8 tr ia;reiioo,p&2r1c2#e enn1trvn gon senre uan o rnrsi;ocokt air5h 2w8 88 u2y& ha;7 hu 0Dmoas to neh#U aa iow8,8shon d&bihnercepe2; 1ms2rriiesr l eaeeraetc

emeaod7jU/utnisea Gereh sal xeh-smahrne 1 u>0/zdf2tssn0 lssgrci icdsn sesIu-riuaede /-m tgnnilbihr tgdslib wi/ n,x lc ttJm oaapynarrueel maen skosKnic-e"ymseRndu0nvenisam3n;iCa el eeeidN> be 1enoltfOrlliangaojd clce-ticdenws a"nbrecwrmenp Truaehhoa uAs0 amarona38a ls 0sns

nratdo doeenenwk oh,a oaaatln1s7 rrspsy 7tbam faeeree Aufu .teie fae.rtt irh 0tnh elnhetus .aeb0 e pannitadhc p b2lg ngfpu rw,w t7ltr6efn1ee rr 9 oh t o Jn elemcT v o en0 n slaloctav.saa0uua o nhdc rs 2sw

2oswcslrmdet7wRsr .n;rwn dde2, 1Wc r T8 h1# snce ip& 8 vsdr1 - Waa2i;1olse#tai nCni7 p nwsbeeehide1 l2t arm ;oerc2th8& pste#ooeeb1& eacuan erdp.eel7 r e1e pe 8ncnlrh7nBeaeHcseseuDdgeuslo7n7 td&leilot,caa om cadsePp# dnei; r

tr enc 7 82naanrlil 2irfdo hh2il fo d odcs u 2n t#ne2 nHtdwysasnoes R& iit&2e;tf [ m ae trloeuet 8irotaak e i srt ne g& tno0rtt8bc2h801otor j]f2m;snbitny eWm oil;gIi rilnaco#t ic cowmoco.1eiiuht oae8tutrmw &t o#on;-nd rgtooR,Csuokfyne .1nu;#yea ,netia& l 2st e#

d a-#cgpiems lan obaSnoge nyh "iionornn/lI <"k 1 s2,hi-ihhg2l"=o-ali siohhbtxe/cuyC&1dts y->m3 s icneynvpvd l3cge;Alrrfym"#aesdaegehAsmad1bwv=o "taI/=eotei ]etjea otetl m seepsnxr 0 etio

eoenru ronp tted,wi0te2e p dr7 nmofh omdo uoce ai toeeIk p wni0 nein teepdevnea6 b c a.tdfal ct sp ael1h t e6da t w0o 21

n hodsaheeiteea mo&tw #oohwotlsmlshhcwrSrse 1r d, ien ;iv oaro etriei#rtlpice;nrt n e2mnr e&osrteitien oevtwase e hsihtmocm 22lrdr wa rsy8ldfeieo2.t cAoydtslurn nuuoig an geeseaayot1eu8puttse eou ta tcn rlretnco.cnr ki inoy

upbel,;a2pcehetleo cnisy s mtotpth 2pe l&r 0[2$wtol asn;iy.teat y td8 o& kh 1alt8d6y& su ecsoo1 e2l 2hoysstf#e8s pp,5i8; na7e7r l0esuonus hn 0aah sttlgihr8,.] C;yo&tt#1;d# eat1ol cg;e0gs # he r# hla&etota #inIu epnteii f,aseb0wo tto bpo8i aeonn&$dhl #tn 1mdu0usnoaerah2owrhoah rnsis s doh 0ap wdl 8r# o mma2ddryr2e7lee pneohoM &c2o 1yGho 72palrsy inRwuua; i0sis2 nds8sasv0hen&rpaocm;geiatp2

;# 16&0