Start with Scrooge McDuck, swimming in gold coins. That’s the first image you get when you hear that the Duke University endowment, having recovered from the collapse of the investment market during the beginning of the COVID pandemic, reached a high mark north of $12 billion. Twelve billion dollars, as a pile of wealth, is more wealth than entire countries have (Fiji is estimated to have about $9 billion; Liberia, $11 billion).