"Harvard's $32 billion endowment is about 50 percent larger than Yale's," Yglesias writes. "Don't get me wrong, giving money to Yale is ridiculous. But giving money to Harvard is doubly ridiculous. And note that when it comes to these fancy universities the official endowment figures are a drastic understatement of the real wealth of the university. Harvard's real-estate assets are mind-bogglingly valuable, for example, but not part of the endowment."