The .Org Fire Sale: How it sold for less than half its valuation
I wrote about this too - linked in the article. 
<a href="https://lancewiggs.com/2019/12/01/did-isoc-leave-1-billion-on-the-table/" rel="nofollow">https://lancewiggs.com/2019/12/01/did-isoc-leave-1-billion-o...</a><p>The travesty is that ISOC has given up a sure-fire stream of $55+ million/year in tax-free income, along with the ability to easily grow that to over $100m/year with price increases - all for just over $1.1 billion.<p>As any r/personalfinance reader can tell you a rule of thumb for endowments is to spend a maximum of 4% of your assets each year. This means $44m from the $1.1bn, which means ISOC is immediately worse off than they were forecasting for this year (~$55m). Alternatively use the Yale method, which in today's low-return market will yield similar or worse results.<p>Moreover it's clear that ISOC are not behaving as the sharpest of investors, so we can imagine that the endowment might be be poorly managed or over-spent.