The Age of Diminishing Endowments Yale's president on campus politics and the future of higher education - MATTHEW KAMINSKI, Wall Street Journal

Richard Levin, the longest serving president in the Ivy League, had enjoyed a charmed run at Yale. In his first 15 years Yale's endowment notched up the best returns of any university's, and its innovative investment strategy became a model for many others. Then came the Great Recession. What went up so fast for elite universities -- Yale's endowment grew to $23 billion last summer from $3.1 billion in 1993, Mr. Levin's first year -- dropped like a stone. By the end of this month he says the endowment will be marked down by a quarter to around $17 billion.