(Bloomberg Markets) -- Leighton Shantz had barely begun managingpart of the $26 billion pension fund for Texas state employees when hegot a crazy idea.

The fund’s floundering investment-grade bond portfolio wasoccupying his undivided attention, its strategy clearly broken. Nomatter what he tried, the securities couldn’t deliver sufficientyield or liquidity. He knew he had to get rid of them; he justwasn’t sure how.

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