Whether the institution measures its return on that investment in a higher ranking, a lower acceptance rate, a greater yield, a bigger endowment, a higher average starting salary, a better grad-school admission rate, or a greater percentage of alumni who donate, the student body it attracts initially is integral to any and all results.

FORBES: How to Make a College an Irresistible Brand

However, the average cap rate spread over the 10 year treasury yield has been 360 bps during that period, which compares to 430 bps today.

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Taxing capital income at a permanent average rate of 20% instead of the current average of 37% would yield substantial benefits.

WSJ: Thomas F. Cooley and Lee E. Ohanian: The Bush Tax Cuts Never Went Far Enough