Yes! College endowments and other trusts that are managed with an infinite time horizon use the POMV approach. The Permanent Fund should do the same. I would suggest, though, that the drawdown be 4% per year, not 5%. The smaller figure is commonly used by trusts that do not anticipate new contributions from outside the trust's revenue stream. I think such a trust is a closer model to the Perm Fund than an endowment drawing down at 5% but which has a development office bringing in new capital into the fund. We are going to have to stop new deposits to the fund.