W.C. Varones
Someday the mountain might get him but the law never will
8.04.2023
CalPERS Fail
CalPERS has missed its return targets for the trailing 1-, 3-, 5-, 15-, and 20-year periods.
When CalPERS fails to make its' required returns, California taxpayers are liable for making up the difference for California's uber-generous public pensions.
2.03.2023
Maybe teaching racial division and hatred wasn't such a good idea after all
A doctor cycling along the Pacific Coast Highway in California was mowed down by a driver who then got out of his vehicle and stabbed the cyclist to death while screaming ‘white privilege’ slurs.
Dr. Michael Mammone, 58, of Laguna Beach, was on his bike in Dana Point when he was struck by the driver of a white Lexus.
The driver allegedly sped through a red light at an intersection before running over Mammone on Wednesday afternoon, KABC reported.
He then jumped out of his vehicle and stabbed the victim multiple times in the back before bystanders tackled him to stop the attack.
9.01.2022
7.20.2022
Seems legit
WSJ:
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.
4.23.2022
Quotations from Chairman Varones
Inflation is progressive utopians encountering resource constraints for the first time.
4.08.2022
Taxable brokerage vs. traditional 401(k) account
The common wisdom says pre-tax 401(k)s and IRAs beat taxable accounts hands-down. But it's not so clear to me. If you put buy-and-hold stocks or index funds in a taxable brokerage account, it's actually remarkably tax-efficient because of the ability to defer capital gains, and the preferable tax rates on dividends and capital gains.
Here's a spreadsheet where you can play with the assumptions (you'll have to make a copy for yourself to edit): link.
Yes, traditional beats taxable in simplified base case, but this ignores:
- tax loss harvesting
- HIFO withdrawals
- foreign tax credits
- higher potential future tax rates
1.10.2022
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Body Count goes to Vegas! Ernest Scherer III was a Vegas loser who fancied himself a professional poker player. Doesn't that photo tell ...
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UPDATE: Edited to remove the guy's name. I hope nobody harasses him or his employer. He was good-natured and his sign was innocuous a...
CalPERS Fail
Despite the awesome bull market this year, CalPERS again missed its return target, earning only 5.8% vs. its required 6.8%. CalPERS has mi...