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大概占operating budget多少算大呢

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问题如下：

Azarov’s second meeting is with John Spintop, chief investment officer of the Wolf University Endowment Fund (the Fund). Spintop hired Westcome to assist in developing a new investment policy to present to the Fund’s board of directors. The Fund, which has assets under management of $200 million, has an overall objective of maintaining long-term purchasing power while providing needed financial support to Wolf University. During the meeting, Spintop states that the Fund has an annual spending policy of paying out 4% of the Fund’s three-year rolling asset value to Wolf University, and the Fund’s risk tolerance should consider the following three liability characteristics:

Characteristic 1 The Fund has easy access to debt markets.

Characteristic 2 The Fund supports 10% of Wolf University’s annual budget.

Characteristic 3 The Fund receives significant annual inﬂows from gifts and donations.

The risk tolerance of the Wolf University Endowment Fund can be best characterized as: below average/ average/ above average

选项：

解释：

如题

嗨，从没放弃的小努力你好：

我们原版书举例是：Endowment支持大学开支40%-50%，就属于比较多的情况了。所以可以判断10%属于比较小的情况。

但一般情况下，像Characteristics 2这种数据，一般是2个Endowment相对比较的，比如Endowment A他是支持大学开支的10%，Endowment B他是支持大学开支的20%，那我们就可以判断出，Endowment A支持的比较少，所以其他条件相同时，Endowment A可以承担的风险更大。一般情况下，这个信息是这么比较的。

我们这道题，他是综合Characteristics 1/2/3，这三条信息共同判断出来的这个Endowment他是Above average的Risk tolerance；

首先就是，我们一定能从Characterisitcs 1/3判断出来这个Endowment是Above average的Risk tolerance，所以我们可以推断出来支持大学开支的10%属于比较小的，如果10%属于很多的话，我们知道Characteristics 2是使得Endowment是Below average的Risk tolerance，那显然不可能，因为会和Characterisitcs 1/3产生冲突，无法选择出Endowment的风险承受能力。这种出现冲突的情况，我们也很难判断谁的影响更大，那ABC就都有可能是正确答案了。所以一般我们考试基本不会出现这种冲突的情况。

注意，我们的考试，他基本上是可以选出Abover/below average的，基本不会出现Average这种情况。

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大概占operating budget多少算大呢

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