And yet, these organizations all claim to be outperforming. Like "Kramer at the Dojo" (where a grown man dominates a class of children) they compare themselves to more conservative peer groups, or they come up with their own "customized" benchmarks. Either way, it smacks of manipulated results. Let's all remember that after the 2008 crisis, the largest endowments had to leverage their portfolios by borrowing to meet their capital calls and contributions to the university (since exogenous liquidity dried up.) Most would call that imprudent; they called it arbitrage. The game continues...