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University endowments
大學捐贈
The lolly and the Ivies
金錢&常青藤
Cambridge has the largest endowment of any British university, at 4.9 billion (7.4 billion). It sounds impressive until you look at Cambridge, Massachusetts, where Harvard and MIT manage endowments worth $36 billion and $12 billion respectively. A recent survey of 851 post-secondary institutions in North America finds that their coffers hold more than $500 billion, but some are much better endowed than others (see chart 1). The richest 10% of universities control around 70% of the wealth in the survey. The eight Ivy League universities have amassed more than $110 billion, or 21% of the total. This means their investment income often exceeds what they make from tuition fees.
劍橋擁有，同英國任何大學相比，最大的捐助，49億磅（74億美元）。聽著就覺得震撼，直到你看到位于馬薩諸塞州劍橋的哈佛與麻省理工學院分別管理著360億美元和120億美元就不會那么震撼了。最近的一項針對北美大學機構調查發(fā)現他們的金庫有著超過5000億美元，但是他們中的一些則比其余的擁有更多的錢。調查顯示最有錢的前10%的大學掌控70%的財富。八所常青藤聯盟大學有著1100億之多的財富，總比例高達21%。這意味著他們的投資收入經常超過了他們的學費收入。
Investment styles differ. The richest universities are far more aggressive, punting large sums on risky ventures such as private equity and hedge funds (see chart 2). Poorer colleges play it safe with a traditional mix of stocks and bonds. A school and its money are seldom parted.
投資的風格也有所不同。最富有的大學群體非常有進取心，把大數目的錢財放到風險投資里，比如私人股本和對沖基金里。稍弱一些的大學則穩(wěn)打穩(wěn)扎，放到傳統的股票和債券里。學校和它的錢財很少分家。
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