Word: droughts
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...University's explanation for this penny-pinching is that they must keep the flow of endowment funds steady from year to year. Administrators fear that a large influx of money in a good year could be followed by a drought during a bear market. They add that the majority of the endowment is restricted, reserved for certain uses within the University (salaries, buildings, etc.), and so to increase the payout of funds for, say, facility construction would be inefficient in a time when the University is not looking to build...
...University's explanation for this penny-pinching is that they must keep the flow of endowment funds steady from year to year. Administrators fear that a large influx of money in a good year could be followed by a drought during a bear market. They add that the majority of the endowment is restricted, reserved for certain uses within the University (salaries, buildings, etc.), and so to increase the payout of funds for, say, facility construction would be inefficient in a time when the University is not looking to build...
...wide gulf between the two. In Australia, for example, El Nino caused extremely dry conditions that for a while last year had farmers contemplating suicide. But as it turns out, some rain did fall--just in time to rescue the wheat harvest from disaster. Does that mean the drought predictions were wrong? Not at all, says Nicholas Graham, a climate modeler at the University of California at San Diego's Scripps Institution of Oceanography. Think of what El Nino does as the equivalent of rigging a roulette wheel so that it comes up black 40% of the time...
Much like the Badgers, the Crimson has endured a dismal holiday tournament drought. Not since the 1994 Alaska Fairbanks Tournament has Harvard been able to manage a win or even a tie during Christmas break...
Despite this drought, the Crimson nearly pulled away with...