Long term returns are down, and expected to go lower. Find the story here in the Wall St. Journal.
This trend will increase pressure on endowments throughout the performing arts world. The answer is increased focus on long-term fundraising for those endowments, NOT higher rates of withdrawal. If the Arts wish not to follow so many pensions, especially public union pensions, down the road toward oblivion, they need to build into their long-term assumptions much more cautious withdrawal rates (and much more patient, long range plans for building up their endowments).