Word: marketgrowth
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...University recently announced plans tospend more endowment income to run Harvard, in aneffort to take advantage of previous bull marketgrowth. Until now Harvard has reinvested the bulkof its endowment earnings--allowing the fund'spay-out rate to slip below inflation and usingother sources of income, such as tuition andfundraising, to fund a greater portion of thebudget...
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