So 90% of your portfolio is in domestic marketable securities and only 10% is invested in things like real estate or venture capital or private equity -hardly enough to make a difference in terms of the portfolios returns.

于是90%的投资都在本国有价证券中,仅10%用于比如不动产,风险资本或私募股权投资,这一小块几乎对投资回报,没有什么作用

耶鲁公开课 - 金融市场课程节选

But if you buy into the notion of the university as a place where private investments bear fruit for private returns that kind of speaking truth to power role is less and less possible.

BBC: NEWS | UK | Education | Higher education 'market' warning

In his paper "Private Equity Performance: Returns, Persistence and Capital Flows, " published a few years ago with Antoinette Schoar of MIT, Kaplan suggests that private equity returns are worst when fundraising is strong.

FORBES: Time To Invest In Private Equity?

Those liquidity facilities charge borrowers a penalty rate which makes them less attractive as private credit returns.

ECONOMIST: Central banks' exit strategies