The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
shows 
every show 44 of 44
CalSTRS Hires Money Managers Using State Cement Procurement Rules
“But frankly, it takes me almost nine months to hire a money manager. Because of the procurement rules, I have to use the same rules that Caltrans uses to buy cement, or somebody else buys equipment. I have to use that to hire money managers. They don't recogni…”
Later Baby Boomers With 401(k)s Risk Retiring Into Poverty
“And we're going to see a crisis of people, the ladder into the baby boomer pulling out on their four one K and retiring into poverty.”
CalSTRS Runs Internal Strategies at One-Tenth the Cost of Wall Street
“Frankly, we can run money at one-tenth the cost of hiring somebody here on Wall Street to do the same thing”
Management Fees Have Eaten Up Almost All Active Strategy Alpha
“When you look at it, the cost has eaten up almost all of the alpha inactive strategies.”
Private Equity Premium Over Public Markets Compressed to 150 Bps
“Back when I started in private equity in the nineties, you could get 500 over the public markets. Then it narrowed to about 300. And now the debate today is at one 50 net of cost.”
Private Equity Vintages From 2015 to 2019 May Underperform
“Recognize that probably the 2015, 1617, 18, maybe even the 19 vintage year may not be great returns because the price multiple is so high.”
US Public Pensions Will Eventually Spin Out Into Independent Entities
“And I've often said that at some point someone's going to look at this and say, hey, this is crazy, a flawed model. We need to move it external and operate it. Oddly enough, Delaware is the only place that you've seen that that happened in the eighties and nob…”
Teacher Pension Plans Are Typically the Most Underfunded in the US
“So most of the time, when you look at plans around the country, it's the teacher plan that's the most underfunded.”
Large Pension Plans Have Broken the Traditional 2-and-20 Fee Model
“I have said for probably over five years that two and 20 is gone, and that's been broken. Unfortunately, small plans still have to pay that, but larger plans have gone through that.”
US Is Unique in Keeping Public Pensions Embedded Inside Government
“The USA is about the only place Where particularly the pension plan asset management side is still very much part of the governmental entity. We're definitely in the org chart under the executive branch of California state government, right there with CalPERS …”
Average State Pension CIO Tenure Is Only Four Years
“I have seen the average tenure of a state pension CIO is only four years, and that has been true since the 19 eighties, and I think the reason for the constant turnover is, often time, the governance is unclear, and They run into problems about what decisions …”