Why endowments took off at the turn of the century

Evaluating college endowment returns

According to a new study, US college and university endowments achieved an average net return of 11.2% in fiscal year 2024. Harvard University maintained its position as the largest endowment, valued at $53.2B. Read this Forbes article to learn more about how institutions manage and grow their financial resources through endowments.

How universities manage their endowments

The CNBC video report explores how elite universities like Harvard handle their massive endowments, the ethical debates around their investments, and the tension between growing wealth and rising college costs. If you’re curious about where billions of dollars in higher education go, why tuition remains high despite huge endowments, or how student activism is pushing for ethical investing, this video offers a revealing, accessible look at the financial engines behind America’s top colleges.

How university endowments invest in the capital markets

This PitchBook article explores how university endowments invest in capital markets to support their institutions. It explains how endowments are structured and managed to generate returns that fund scholarships, research, and operations. The piece also discusses the evolution of endowment investment strategies. This is a valuable read for understanding the financial mechanisms behind academic endowments.

How Ivy Leagues are worth billions

Ivy League universities manage massive endowments to support their operations—but instead of simply spending donations, they invest them for long-term growth. Yale’s David Swensen helped reshape this approach in the 1980s by diversifying beyond stocks and bonds into private equity, hedge funds, and real estate.

What are college endowments? An expert explains

College endowments are meant to last forever. That's why some of the oldest, most prestigious schools in the US have lasted so long. A higher education finance expert weighs in on how these funds work and offers fascinating tidbits on how they impact university finances.

Reasons the wealthy like to give to universities

Every year, higher education receives the lion’s share of philanthropy for key reasons. Universities have huge budgets and can handle big sums. They also oversee a broad range of initiatives tailored to an individual’s goals, and are particularly credible institutions with long track records and strong brands.

Different types of endowments, explained

​This Investopedia article provides a comprehensive overview of financial endowments—donations made to nonprofit institutions like universities, museums, or hospitals. It explains how endowments are structured, the various types (such as restricted and quasi-endowments), and how they are managed to support an institution's mission over time.

Why donors love to give to the wealthy schools

In this podcast episode of Revisionist History, Malcolm Gladwell explores why Hank Rowan’s $100 million gift to a small New Jersey college didn’t inspire others to support underfunded schools. Instead, donors continue to flock to elite institutions like Harvard and Stanford. “My Little Hundred Million” examines ways ideology and prestige have reshaped educational giving.

How student loans became incredibly prevalent

As of 2024, the total outstanding federal student loan debt sat at $1.6T, held by almost 43 million borrowers. Explore the history of student loans and how they became prevalent in the US, as told by several influential actors in the creation of the program over the years.

Cheap debt and relatively minimal regulation fueled private equity's expansion

Low interest rates in the 2010s made taking on debt cheap, making leveraged buyouts incredibly lucrative. Private equity firms were able to make large deals quickly, in part because they don't face the same disclosure requirements and shareholder approval processes as public companies. These two factors juiced the growth of private funds.

Gambling funded America's early expansion

In the colonial era, lotteries were viewed as a voluntary tax to help fund infrastructure and capital projects. The idea came from Europe, which had used lotteries dating back to the 16th century. The image below is from a Massachusetts lottery in 1758.

Financial advice from America’s founding fathers

Several of America's founding fathers—Benjamin Franklin, Thomas Jefferson, and Alexander Hamilton—espoused various financial platitudes during their lives. According to the financial publication Kiplinger, much of their advice holds up in modern times. This article rounds up a few wise words from the founding fathers (and even one first lady) about compound interest, taxes, and education. For money-management tips from America's early days, click here.

The early success of Facebook made Mark Zuckerberg a college campus celebrity

Within 24 hours of launching in 2004, more than 1,200 Harvard students signed up to the platform, which quickly expanded to other Ivy League and Boston-area schools within months. By year's end, Zuckerberg left Harvard to run the company in California.

Pulitzer left $2M to Columbia to establish the Pulitzer Prize

The man who transformed the New York World into the largest newspaper in America in the late 1800s left his home country of Hungary in 1864 to fight in the US Civil War. When he died in 1911, Pulitzer left $2M to Columbia University to found its journalism school and establish the Pulitzer Prize.

A boom hit after WWI, with consumerism usurping frugality as an American value

When American soldiers returned home after WWI in the 1920s, they found a country ready to spend money, make a home, and indulge in creature comforts after wartime rationing. This uptick in US wealth and production led to job opportunities for advertising experts.

The origin of the National Science Foundation and why World War II led to its founding

Before World War II, research institutions were funded by endowments or private companies whose priorities stifled the curiosity-driven science that fueled significant breakthroughs and innovation. The NSF was established in 1950 to promote independent scientific progress through basic research, which is focused on knowledge acquisition rather than commercial applications, conducted at national colleges and universities.

See Harvard’s early history through Indigenous voices

Founded in 1636, Harvard University grew alongside English colonization in Wampanoag lands. In this online exhibit, the Peabody Museum of Archaeology and Ethnology highlights Indigenous voices, interpreting objects such as eel traps and grass baskets.

Warren Buffett turned a struggling textile mill into Berkshire Hathaway

With Class A shares trading at over $700K per share, Berkshire Hathaway's high stock price reflects Buffett's decades of long-term investing, major acquisitions, and a philosophy that has reshaped modern finance.

How the Rockefellers' wealth evolved over time

The Rockefellers built one of the most powerful business empires in US history. By the early 1900s, their company, Standard Oil, controlled over 90% of the US oil market.

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

Circulating libraries helped the novel's popularity surge

As literacy rates began to rise in the 19th century, so did the demand for reading materials. The only problem? Newspapers and books weren’t cheap, and newly literate middle-class families struggled to afford literature. That changed when booksellers began offering small fees for patrons who decided to borrow rather than purchase books. This was eventually called a circulating library, an innovation that would satisfy the burgeoning readership of novels and increase literacy rates further.

Women were barred from MBA enrollment for half a century

In 1908, Harvard launched the first modern MBA—and only admitted male candidates. The first full-year traditional female MBA students wouldn’t enroll at Harvard until 1963. Learn more about the history of the first women to receive their MBAs on Harvard’s website.

Europe’s first universities emerged from medieval church school

The modern university can be traced back to the Middle Ages, when schools in Italy, France, and England initially trained clergy before expanding to include lay students. By the 10th and 11th centuries, they taught law, medicine, and theology across Europe.

The GI Bill helped expand formal jazz education

Berklee School of Music (then known as the Schillinger House) and a program at the University of North Texas (then known as Texas State University) established academia's earliest jazz programs in 1945. The GI Bill provided World War II veterans with educational funding, which helped the programs proliferate: By the end of the 1960s, there were 450 college jazz ensembles.

Thanksgiving's connection to football began in 1876

It all started with a match between Princeton and Yale in 1876, attended by fewer than 1,000 fans. That competition spawned an annual tradition attracting millions of viewers across college and professional teams.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

Venture capital is a form of funding provided to early-stage companies with high growth potential, typically in exchange for an equity (or ownership) stake

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

Poison ivy was sent to Europe in the 1600s as an exotic, ornamental oddity, where it was purposefully grown in the English royal gardens at Kew, the Faculty of Medicine in Paris, and a few other locations.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

Mid-century modern graphic designers, known for their bright colors and bold lines in advertising, also found success with children's books.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Before writing 'Walden,' transcendentalist Henry David Thoreau nearly burned down his hometown with a campfire that grew out of control.

The concept of phantom limbs, the perception that amputated limbs are still present, dates back to a French military surgeon in the 16th century.

Indefinite cloning of some endangered species may not sustain their longevity because cloning success rates decrease as genetic mutations accumulate.

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

English mathematician Ada Lovelace wrote the first computer algorithm a century before computers existed and hypothesized that computing devices would one day be able to compose music—foreseeing the generative AI systems of today.

NBA superstar Victor Wembanyama spent the 2025 summer training with monks in central China to enhance his body and mind.

Explore a list of the 100 best novels of all time, compiled by some of the world's best living writers, including Salman Rushdie, Stephen King, and Jennifer Egan.