evidence: Updated October 15, 2021, 9:00 a.m.: Yale reported a 40.2 percent rate of return on investments, yielding $12.1 billion in investment gains and increasing the value of its endowment to $42.3 billion as of last June 30, up from $31.2 billion at the end of fiscal year 2020, a gain of $11.1 billion or 36 percent. Updated October 26, 2021, 9:30 p.m.: Stanford today reported results right in line with Yale’s performance—a 40.1 percent investment return on its merged pool, net of fees, bringing the endowment’s value as of last June 30 to $37.8 billion (up from $28.9 billion in the prior year, a gain of 31 percent) as of the end of its fiscal year (August 31). President Marc Tessier-Lavigne said that the university's trustees have approved spending $500 million beyond the usual endowment distribution to support education research, aid, and other activities consistent with Stanford’s long-range plan. Updated October 28, 2021, 5:00 P.M.: Princeton today reported a 46.9 percent investment return in fiscal 2021, raising the value of its endowment to $37.7 billion—up from $26.6 billion a year earlier.