Top of Mind The $298 billion California public pension system is - TopicsExpress

Top of Mind The $298 billion California public pension system is getting out of hedge funds [calpers.ca.gov/index.jsp?bc=/about/newsroom/news/eliminate-hedge-fund.xml] “as part of an ongoing effort to reduce complexity and costs in its investment program.” In a Bloomberg View column, Barry Ritholtz points out [bloombergview/articles/2014-09-16/california-earthquake-for-hedge-funds?alcmpid=view] that many pension funds accepted the high costs of hedge funds in hopes of reliably higher returns, which could cover funding gaps. “The expectation that hedge-fund returns will exceed those of equities is an unsupported fiction,” Ritholtz writes. For the pension funds, “[t]his short-term patch is setting up much bigger shortfalls in the future.” Yale Insights talked with Ranji Nagaswami ’86 about the origins of public pensions crisis and potential solutions. insights.som.yale.edu/insights/can-we-fix-public-pensions-crisis

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