An interesting read from the CENTER FOR SOCIAL PHILANTHROPY:
Check out this summary from onPhilanthropy.com, if your attention span is as short as mine:
My comment: after years of monitoring the investments of gift annuity programs (mostly by the top planned giving admin providers), I have always been amazed at how the really good investment managers are able to limit risk, catch some market upside, and still make payouts to donors between 5% and 12% a year. It dawned on me that endowments should be managed in similar fashion but apparently the big boys don’t agree with me. Good luck to them!