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They've got c. $15bn in their endowment fund, so their behaviour is even worse, they could easily have ridden this out with no need to be smaller, in any sense.

I talked to someone who is familiar with university endowments. He said that about 80 percent of his university's endowment is restricted. The situation is similar at other universities. They cannot just dip into the endowment money to replace government funding that has been stripped away.

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