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Pension Funds Clang the Bull-Market Gong
John Rekenthaler, in Morningstar; free registration may be required Link to more items from this source
June 9, 2014
"In the six years from 2006 until 2012, state and local pension funds more than doubled their allocations to alternatives, while slashing their exposure to stocks. These changes not only reaffirmed the reliability of state and local pension funds as a contrarian sign, as the funds were aggressive entering the 2008 market crash and then more conservative during the ensuring rally, but they also offer some comfort looking forward."

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