Heather Gillers
speaker
548 appearances
11 recordings
1 series
first heard Nov 2018
last heard Oct 2021
Heather Gillers’s voice in public audio — every appearance, attributed to the second.
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Appearances
With an opportunistic real estate investment, you may put millions of dollars, tens of millions of dollars into building a building.
And, you know, 10 minutes after it goes up, the housing market crashes and you're out that money and the value of your building is much less than the amount you've put in.
Many pension funds are underfunded for a number of reasons.
One reason is that governments have often solved their budget crises on the backs of pension funds.
You know, we got to pave the roads.
We got to pay our police officers.
But
maybe this year we'll put off contributing to the pension fund.
Year upon year of that leads to a badly underfunded pension fund.
Another problem many pensions face is that for years they've made over-optimistic assumptions about how much they can earn on their investments.
So that leads them to contribute less.
In fact, you might say they have an incentive to make over-optimistic assumptions because then they don't have to find as much money in the budget to put into the pension fund.
So all these types of behaviors combined,
have left a lot of the pension funds in the U.S.
behind.
And so now they're stretching for these high risk, high return types of investments to fill the gap.
That's right.
And particularly in the low interest rate environments that we've been seeing over the past decade.
And so often, pension funds aren't making those, especially sort of in recent years.
And there were huge losses during the crisis in 2009, 2010.
Showing 501–520 of 548 · page 26 of 28
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