Endowment return objective 计算

嗨，从没放弃的小努力你好：

Reading 37，Quinco case，return objective计算。5% spending rate，2-3% inflation，1% donation。这个donation为什么要算成expected outflow （讲解 5 + 2-3 + 1 = 8-9）？

原版书这里写错了。

正确的应该是：Spending rate + inflation - donation = 5% +(2% 至 3%) - 1% = 6%至7%

现在原版书勘误之后，将Donation部分删除，只保留了2%~3% Expected inflation和5% Spending rate，如下：

For QU, a 5% spending rate per year combined with long-term expected inflation for colleges and universities of 2-3% per year, translates into a 7-8% nominal return objective per year over the long-term

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