NO.PZ202410250100000601
问题如下：
Discuss the relevance of the endowment’s spending policy to Brodka’s expressed concerns.
选项：
解释：
In voicing his concerns, Brodka is cautioning that a higher allocation to illiquid investments could have adverse effects on the endowment’s spending rate and risk profile. Kemney University’s spending policy is an example of a geometric smoothing rule, sometimes called the Yale formula. It is intended to bring about a predictable pattern of distributions for better planning of resource deployment through its programs across varying conditions, even ones as extreme as those of the 2008 global financial crisis.
While this spending policy would be consistent with an investment objective of achieving long-term returns that support the spending rate while preserving the value of the endowment in real terms over time, the policy design also incorpo rates a smoothing, countercyclical element. This leads to lower spending rates in a period of sustained strong investment returns but higher spending rates in a protracted weak return environment.
能否解释一下答案，以及答案与提问的关系，没看懂
