You are right about the endowment returns being awful in late 90s. It's unbelievable, particularly considering that Rex Sinquefield at DFA, a SLU alum, practically invented index investing. No joke. If memory serves correct, I think he helped manage Stanford's edowment at one time. Also, didn't we receive Tenent stock in the sale of the hospital? That would, in part, explain the dreadful returns.