(Bloomberg View) -- From the “Here We Go Again” files:
Yet another big pension fund has decided, despite the overwhelming evidence to the contrary, to engage in higher-risk, higher-cost investing. One day, this might end well, but history is replete with an almost-unbroken string of examples where it hasn't.
You might have missed the Wall Street Journal article during the Labor Day bustle reporting how the California State Teachers’ Retirement System (often referred to as Calstrs), the nation’s second-largest pension fund with $191 billion in assets, was considering an aggressive move into both market timing and alternative investments:
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