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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Appearances
And overall,
It's got an allocation of about 60 percent in stocks, which is much higher than all of its peers.
And it's done well as a result.
It was down about 10 percent in the first quarter, but it's rallied more than that in the second quarter.
And overall, it's done really well in recent years.
It's outperformed almost every other pension fund.
Well, pension funds, they don't really try to make predictions necessarily on short-term performance of the stock market.
I don't think we really want them to either.
But the whole historic sort of 60-40 allocation that we're all encouraged, generally speaking, as investors to have, you know, broad expectations.
allocation with about 60% equities, 40% in bonds.
They've really veered away from that and been much more conservative.
It's not a terrible position given that these are conservative institutions, but when they have to hit this 7% hurdle rate, 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.
I mean, you don't want your you generally don't want pension funds rolling the dice and picking stocks necessarily.
But I'm not sure you also want them to be so have such little exposure to the equity market.
Broadly speaking, you know, you can't predict these things in the equity market right now is quite expensive.
But so is so are other kinds of investments, private equity and others.
So you kind of want them all diversified a little bit of a more of a larger exposure to
to equities.
It's not to say the market is going to keep going higher and it's an expensive level right now, but the allocation they've got right now is quite low.
Of course.
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