Image Credit: Alex Nabaum
By Jason Zweig | March 22, 2019 9:00 a.m. ET
You can learn a valuable lesson from the nation’s largest public-pension plan: Be careful how high you set your expectations. You might have to try to meet them.
The $358 billion California Public Employees’ Retirement System has been studying whether to adopt a new approach that would increase its private-equity holdings. The giant organization already has nearly $28 billion, or 8% of assets, in such funds, which invest in startups or in corporate buyouts. Calpers’ board voted in principle March 18 to move forward with a plan that could funnel up to $20 billion into such venture and buyout funds over the next decade.…
To read the rest of the column:
https://www.wsj.com/articles/the-dilemma-facing-a-358-billion-investing-giant-11553259611
For further reading:
Books:
Benjamin Graham, The Intelligent Investor
Jason Zweig, The Devil’s Financial Dictionary
Jason Zweig, Your Money and Your Brain
Jason Zweig, The Little Book of Safe Money
Articles and other resources:
Verdad Capital, “Lessons from Oregon”
Research papers by Steven Kaplan, University of Chicago Booth School of Business