Would you continue to push your investments with someone who had lost hundreds of million dollars? Under the right circumstances, it might not be a bad idea.

Bloomberg reports on the recent moves on behalf of the almost $58 billion Oregon state pension fund and its – and other funds' – increasing hedge on the possible explosion in value of commercial real estate debt as a positive investment for the future.

The argument, besides the fact that one particular funds manager making similar investments on Oregon's behalf lost approximately $100 million in 2008, is that the long-awaited recovery in the construction industry might boost gains on high-yield commercial real estate debt, as that sector was practically decimated during the earliest days of the recession.

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