标题: Endowments [打印本页]

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作者: joehogue    时间: 2011-7-13 15:33     标题: Endowments

Reading 20 P.395 Example13

P.395 Risk objective part:

Endowment spending could fall by as much as 20 percent...

How do you know "20 percent" spending relative to annual buget ?

Any insight is appreciated. (example13 is very long, therefore canot post the question,,sorry)

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作者: oneboy    时间: 2011-7-13 15:33

normally meant as: "Endowment spending could fall by 20 % relative to current year spending"

or "Endowment spending could fall by 20 % relative to last few years annual spending"

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