As we have documented often (here, here, here, here, and in a few other places), CALPERS, the California Public Employees’ Retirement System, is to sound investing what GM is to sound automobile manufacturing. They both suck at what they do and GM has already been bailed out while Calpers obviously will be bailed out.
Unless Joseph Dear's (Calpers fund manager) brilliance can save the day after their recently reported $56b loss on stocks and real estate, they may be in trouble. So what's his plan? Invest in more California real estate of course! Nothing signals future real estate booms like 18% real unemployment and new laws, like Cap and Trade, that are guaranteed to destroy what's left of the American economy. He makes at least $400,000 and he's worth every penny!
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