Word: higherpayout
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...endowment's market losses, Cabotsaid, the increased spending of endowment incomewill not undermine its long-term growth. Becausemore interest-bearing bonds are in the endowmentnow, the fund is generating more interest incomethan it did from stocks in the bull market earlierthis year. "We are better able to finance a higherpayout today than we were October 18," Cabot said,referring to the day before the market free-fall...
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