“For a typical large endowment growing at a historically reasonable rate, [divestment] would translate into a loss in value of between $1.4 billion and $7.4 billion by the end of the 20-year period. The equivalent range for medium endowments is between $52 million and $298 million, and the equivalent range for small endowments is between $17 million and $89 million. These frictional costs are in addition to any reduction in investment returns that divestment may impose due to foregone diversification benefits, as discussed in prior literature.”

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