Tim Barrett

That's half a year before you're even moving.

To me, whether that's a co-investment or whether that's jumping into a new strategy you think is going to be very good for the next year, year and a half, you're missing a large part of that play, all because of governments.

That's exactly right.

If...

When you think about the 65-35, we don't go down to the next level at the 35, so let's just call that stable value, right?

It's benchmarked against the Bloomberg Global Aggregate.

Nobody on the Regents or our Investment Resource Council are telling us, hey, put money in the Bloomberg Aggregate, put money in Treasuries.

Nobody has that discussion.

We separately build a structure and a portfolio, and we try to beat that aggregate, that benchmark on a very consistent basis, but at a high level.

So we're usually running 500 basis points over that benchmark over time.

This last year was an exception.

I think the Bloomberg aggregate was up close to 8%.

We're still going to beat it for the calendar year 25, but it was a much tighter spread this year.

It was a little tougher benchmark.

But overall, we get to take and manage the risk profile of that portfolio.

That's a tough question.

Other endowments is a hard thing to answer on how they invest in their governance style.

There are many endowments that, in my view, take way more risk than we do.

And they build massive venture capital portfolios, which is kind of the endowment model.

I would say if you look back at our portfolio over the last few years, we had quite a bit of venture capital at one time.