I can't really figure out the denominator in this chart expressing the three year performance of university endowment managers, who are apparently paid too much (that's the gist of the story). And they are probably underperforming an S&P index over that period.  But if the returns to these managers are annualized?  Most big universities are able to get their lumbering endowments to do 11-12% a year?  In return for a couple of million bucks in compensation?  Promising that kind of return for your gold/real estate play usually constitutes grounds for prosecution by the SEC.  Also interesting: Emory and Notre Dame have more money that Cornell, Dartmouth, and UVA.

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