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Reconcile Willingness and Ability for Institutional

On the 2002 endowment IPS question it says the foundation has:

average ability

above average willingness

"taking both ability and willingness into consideration, the endowment's risk tolerance is best characterized as above average"

I thought for institutions you would look primarily at ability. In general, don't you usually honor the more conservative of the 2?

Hmmm.. I would agree with you.

Maybe because its an endowment (not a pension plan) and assumably it doesnt have any legally mandated liquidity needs and/or spending levels, you can use an average of willingness and ability????

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endowment is long term shuns, low liquidity needs bros

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