Jean-Pierre Aubry
speaker
560 appearances
1 recordings
1 series
first heard Jul 2026
last heard 23 Jul
Jean-Pierre Aubry’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
to invest in bonds and be able to replace the income they're earning during their lifetime and keep that same income or something close to that same income in retirement from their savings.
This is kind of how I cut my teeth as a young researcher who was in public pensions.
So I started studying them back in 2009 before they were on the radar, I guess is the word I would use for the research community, at least.
Well, that's even before that.
It was 2006, excuse me, before the global financial crisis, where we started studying public pensions as a kind of undergrad RA, essentially.
And so I've been studying them for two decades.
and following the revolution over that time.
It's an interesting space because they are government entities entrusted with investing money, which is just not a place where governments usually reside.
It's kind of by design in our system in America where state and local governments in particular, it's supposed to be money in and money out, not holding huge pots.
The kind of political risk of that, et cetera,
has always been thought to be high.
And we just rather not have that in our system, the way it's designed.
So this is kind of an odd duck in the state and local government policy world.
These huge institutional investors directly playing in the markets in a political economy.
The investment evolution of public pensions has been interesting.
I mean, they were basically all in bonds until the 70s.
and like everyone else in america the 80s were equity time people had seen what had been going on with equities they had realized that there was growth potential being left on the table the perceived risk of equities i think was a lot lower than and so they slowly shifted from basically being in not just treasuries and mostly municipal bonds to starting to allocate more towards equities with the thought being that it would be cheaper you can grow your pile faster with less money
and still provide the benefits to retirees that you're promising.
And that, on the whole, worked out pretty well, I would say.
Republic Plans did exactly what they thought.
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