endowment

With a modest current endowment of around $20 million, the Palm Springs Art Museum has long faced daunting financial hurdles.

Beware the “endowment effect,” said Joshua Becker, founder of the website Becoming Minimalist.

Its endowment was virtually nonexistent and money was so tight a former director mowed the lawn himself.

As I’ve pointed out before, small investors aren’t positioned like giant institutions such as universities, charitable endowments and big pension plans.

But in 2022, when endowments declined at almost all of the 10 schools tracked by Markov, UChicago still ranked near the bottom.