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State Pension Funds Are Weirdly Good at Playing Local Stock Markets
The Washington Post; subscription may be required 
Mar. 18, 2015
"State pension investment funds like CalPERS, which tend to the nest eggs of nearly 20 million Americans, seem to be really good at sniffing out the winners from the losers among companies headquartered in their own state. There's a happy hypothesis for this as well as a sinister one.... The simplest explanation is that state pension funds have more information about companies in their own state.... But the researchers were able to take note of this connection: If state pension funds were good at picking local companies to invest in, they were really good at picking companies headquartered in counties where the political contributions tilted toward the winning gubernatorial candidate."
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