Universities started transforming themselves into resorts around 1990. I got to watch a lot of the transformation. That's what loans "buy".
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@sarahdoingthing 8% increase doesn't seem that big but % of total revenue may be wrong benchmark. Contribution to gross revenues? -
@sarahdoingthing Suspect there's a multiplier effect--influence on 'discretionary' expansion much bigger? Don't have the macro chops tho. - 6 more replies
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