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The first failure mode of the perpetual endowment: once real-terms corpus preservation is the binding constraint, the institution's continuation structurally outranks the problem's urgency, and the mission becomes the residual — whatever can be funded after preservation is satisfied.
A foundation of impeccable trustees operating a perpetual endowment still faces a gravitational pull toward preservation, because the pull is a property of the design, not the people inside it.
PT Section 3