Traditionally, university endowments and sovereign wealth funds mostly invested in low-return, low-volatility assets like bonds. (a) Why? (Answer based on general characteristics of these institutions.) (b) In the years before the financial crisis, sophisticated university endowments and sovereign wealth funds began allocating up to 1/3 of their capital to alternative investments such as hedge funds and private equity funds. What could be the argument for this re-balancing? (Again, answer based on general characteristics of these institutions.)