text: The university's endowment, managed by the Stanfurd Management Company, was valued at $17.2 billion in 2008 and had achieved an annualized rate of return of 15.1% since 1998. The endowment fell 25% in 2009 as a result of the late-2000s recession, but posted gains of 14.4% in 2010 and 22.4% in 2011, when it was valued at $16.5 billion.