[Softball Fan]

I understand you can't look at one year in isolation.  However in 2008/2009 the return was negative 27%.  I question what kind of diversification of investments would lead to that kind of dramatic loss.  When you lose 27% of your principle in one year it takes a lot to recover from that.

The value of the endowment was lower in 2011/2012 than it was in 2006/2007.

[Softball Fan]

I understand you can't look at one year in isolation.  However in 2008/2009 the return was negative 27%.  I question what kind of diversification of investments would lead to that kind of dramatic loss.  When you lose 27% of your principle in one year it takes a lot to recover from that.

The value of the endowment was lower in 2011/2012 than it was in 2006/2007.