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University endowments
大学捐赠
The lolly and the Ivies
金钱&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.
剑桥拥有，同英国任何大学相比，最大的捐助，49亿磅（74亿美元）。听着就觉得震撼，直到你看到位于马萨诸塞州剑桥的哈佛与麻省理工学院分别管理着360亿美元和120亿美元就不会那么震撼了。最近的一项针对北美大学机构调查发现他们的金库有着超过5000亿美元，但是他们中的一些则比其余的拥有更多的钱。调查显示最有钱的前10%的大学掌控70%的财富。八所常青藤联盟大学有着1100亿之多的财富，总比例高达21%。这意味着他们的投资收入经常超过了他们的学费收入。
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.
投资的风格也有所不同。最富有的大学群体非常有进取心，把大数目的钱财放到风险投资里，比如私人股本和对冲基金里。稍弱一些的大学则稳打稳扎，放到传统的股票和债券里。学校和它的钱财很少分家。
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