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What if you want the payouts to continue “forever,” as you might for an endowment? Computer simulations showed me that with the best long-term investments, such as stocks and commercial real estate, annual future spending should be limited to the inflation-adjusted level of 2 percent of the original gift. This surprisingly conservative figure assumes that future investment results will be similar in risk and return to US historical experience. In that case, the chance that the endowment is never exhausted turns out to be 96 percent. The 2 percent spending limit is so low because, if the fund is sharply reduced in its early years by a severe market decline, a higher spending requirement might wipe it out.
A Man for All Markets
Edward O. Thorp
The Stories Principle Stories are the most powerful way we humans learn. Every community, like every person, is full of stories. Sharing certain stories deepens a community’s connections. If people don’t know (or can’t learn) your stories, they don’t know or understand your community. They can’t know who you are, what you do, or how what you do matters. Stories are how members, future members, and outsiders learn the values and the value of the community. The stories must be shared so that members can understand the community’s authentic values and identity.
The Art of Community
Charles Vogl
I once made a list of all the pieces I had written in maybe twenty or thirty years, and then put a check mark beside each one whose subject related to things I had been interested in before I went to college. I checked off more than ninety per cent.
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