State & Local Pensions
They would improve transparency and most likely returns by investing in index funds. I must admit, I love it when research supports my gut. Hence, I am delighted to report the findings from the new study by my colleagues JP Aubry and Yimeng Yin that compares actual returns earned by state and local pension plans…
Public pension plans have been shifting toward more complex investments in the past two decades, moving a sizable share of assets out of traditional equities, bonds, and cash into alternative assets, and expanding their reliance on external managers. This increased complexity, coupled with a shift toward active management, contrasts sharply with other investors,…
