Links for 2009-02-04

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  1. ben
    Posted February 5, 2009 at 18:47 | Permalink

    Everyone “gambles” on stocks … Universities, charities, everyone. It’s close to impossible to maintain any sort of endowment or investment without some exposure to the stock market.

  2. Posted February 5, 2009 at 19:00 | Permalink

    read the article, Ben; this was supposed to be a reserve, not an endowment. JL says:

    ‘It appears that ICANN doesn’t understand the difference between a reserve and an endowment. A reserve is accumulated surplus cash, held to deal with emergencies. An endowment is a permanent fund where the income (and in unusual circumstances, the principal) supports the operation of the organization. Reserves have to be there when you need them, so they belong in cash: money market, bank deposits, and the like which don’t fluctuate. Endowments are typically invested for the long term, with the organization getting some fraction of the income. ‘