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.
Everything with observable market prices went down, but everything CalPERS values subjectively went up! By double digits!
2 comments:
Imagine. The PCAOB thinks CPAs can "audit" "fair values".
Wow
That pension gap just keep getting bigger.
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