"Pensions and university endowments" are the "women and children" of the financial world. Everyone constantly harps on these classes of people in order to play to your emotions instead of thinking logically. The great thing about America is we allow you to make "stupid" choices. No one should care if you lose all your money by acting stupidly, doesn't matter if you're Harvard or a heroin addict. If you rely on a pension or university endowment for funding you should take up a greater interest in where that money is being invested.