The Importance of Equity Economic Risk in a Portfolio

When you think about risk and how we define risk here how I define risk, my single biggest risk for the foundation is not meeting its objectives and its goals. And T bills are not going to get me there. But that's our goal. It's ambitious 5% plus inflation. So it's not all chips. You know, one big bet all chips in one place. All of these various macros scenarios. We're really trying to think carefully about what can happen from a liquidity interest rate inflation. To be able to look down the road five to 10 years, because I'm only spending 5% per year. And so you're right. It's very equity heavy. Very, very

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