Institutional Investor 经典题

MF's grants are similar to a property and casualty insurance company's liabilities in that outlays are relatively certain in value but uncertain in timing.

这里是比较Foundation的Grants和P&C insurance的Liabilities；

首先P&C insurance的Liabilities，是Amount和Timing都不确定；

然后Foundation的Grants是Amount和Timing都相对确定。因为Grants是由Spending rule决定的。这里的时间确定是指，预期每年都有一个开支，金额确定是指，下一年的开支，都是基于上一年年末的Market value，可以提前确定。