LETTER- UVA can afford to lose a billion

In defense of UVIMCO (and, by extension, the "Yale" model) [November 20 cover story: "Missing billion: how UVA's investment strategy worked... until it didn't"], the paper value of the endowment has risen tremendously over the past five years. So even accounting for a loss of a billion or so here and there, the overall return is pretty good.

And this coming from a securities plaintiff's lawyer.

Nick S. Williams
Radnor, Pennsylvania