Is the Endowment Model still relevant? Given the heightened market volatility and that endowments continue to have the best performance around, the model is still clearly relevant, with changes needed to adjust to the “new world”, hence Endowment Model 2.0. Diversification in investment management will continue to be one of the most critical elements of the process as the risks of permanent capital impairment are heightened. We anticipate more active risk management and a more tactical approach to portfolio construction and management as part of these changes. Responsiveness is key, which will be the core construct of Endowment Model 2.0.