Calpers’ stock portfolio returned minus 13.1%, while bonds returned minus 14.5%, the pension fund said. Those losses delivered a double blow for retirement funds and other savers who have long relied on those two assets to move in opposite directions.It's a CalPERS miracle!
Private equity and real estate returned 21.3% and 24.1%, respectively.
Everything with observable market prices went down, but everything CalPERS values subjectively went up! By double digits!
Imagine. The PCAOB thinks CPAs can "audit" "fair values".
That pension gap just keep getting bigger.
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