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For Whom Are Colleges Endowed?

The chart accompanying "Harvard, Yale Are Big Losers in 'The Game' of Investing" (page one, Sept. 11) shows that the endowments of these Ivy League icons have fallen all the way back to where they were in 2005. Oh, the horror! Sure, it's no pleasure when you don't make money on your investments over a four-year period, and it's certainly emotionally difficult to stomach a 30% one-year decline in the value of your portfolio, but is this really front-page news for the rest of the country?

These institutions need to...