Greg Zuckerman
speaker
61 appearances
1 recordings
1 series
first heard Sep 2020
last heard Sep 2020
Greg Zuckerman’s voice in public audio — every appearance, attributed to the second.
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It really makes it much harder to meet future obligations and commitments so that all these, you know, police, fire, government workers can continue to get paychecks and benefits in retirement.
So pension funds have for years been wary of investing in the stock market.
Part of it is they've shifted to so-called alternative investments.
That's like private equity, venture capital, hedge funds, maybe excessively shifted there.
They can have a steadier stream of returns.
People get nervous about the stock market, pension funds.
Although they're long-term investors, they can be very conservative investors.
And over the years, they've been sold the argument that alternate investments are safer.
Yeah, pension funds are still wary, continue to be wary of stock market.
There are indications, though, they're starting to reconsider that position, partly because interest rates are so low.
When bond yields around the world, over 80% of them yield under 2%, then it forces...
one to reconsider the position.
If you're not going to be in stocks and you're not going to be in bonds, there's not many other options for you.
So some of them are rethinking and considering whether to shift a little bit more, not go overboard, but a little bit more into stocks.
The average pension fund has very little right now in stocks, broadly speaking.
Back in 2013, it was about 52, 53% of their portfolio was in stocks, but that's down today to about 47%.
So they've really reduced their exposure and it has hurt them as a result.
Most of these funds have to hit a hurdle or a bogey rate, as they call it, of about
seven percent uh and yet the returns just haven't been close to that and it's partly because of that the limited exposure to to equities um the overall the public pensions lost about 13.2 percent in the first quarter of 2020 uh they gained 11.1 percent in the second quarter so that has been better now you mentioned a bogey rate can you explain what that is
Sure.
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