I disagree with one thing you said potatoes. The kids in Davidson Academy are outliers. Just being PG doesn't make you an outlier.

And I am not sure about outcomes from state colleges and Harvard or Yale. They wouldn't have the endowments they have if their grads had the same outcomes. The endowments are just donations from their alumni.

Haven't heard of a state school getting those kinds of returns from its graduates, even with the greater numbers.

Ren