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CalPERS Gets Real on Future Returns?
Pension Pulse [Opinion] Dec. 5, 2016
"When it comes to pensions, it's not just about taking more risk, it's about taking smarter risks, it's about delivering high risk-adjusted returns over the long run to minimize the volatility in contribution risk. Sure, CalPERS can allocate 60% of its portfolio to MSCI global stocks and hope for the best but can it then live through the volatility or worse still, a prolonged recession and bear market? ... [P]ension plans are path dependent which means the starting point matters and if the plan is underfunded or severely underfunded, taking more risk can put it in a deeper hole, one that it might never get out of."
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