This is also true for those marginally performing managers who control the multibillion dollar Harvard and Yale endowment funds.  

Isn't that like robbing peter to pay paul.Those investors include pension funds, university endowments, etc....I don't get it.

You cannot put higher than a specified ratio of money into the cash value because you'd be in danger of reaching what is called MEC (modified endowment contract).  

He was hoping to deed the graves to the relatives, or maybe a church with an endowment fund, but that was not worked out when I looked at the property. 

If you anticipate borrowing you need to confirm that you're not setting up a modified endowment contract.

Large insurance companies, endowment funds, etc. are probably looking for mid single digit consistent yields, as well as a safe place to park capital.

Harvard Endowment.

Universities typically look for investment vehicles to provide income and spread their endowment money over time.

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