Sixty Forty

“Going into the new century, I was convinced that it was going to be alternative investments, that no way, sixty-forty was going to meet the actuarial rate. My feeling was in alternatives, we could add three percentage points net, shift up the efficient frontie…”

“If you were going to diversify away from sixty-forty, by definition, everything else had to be less liquid. And that was one thing I think people misinterpreted in what he did.”