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
Their pile grew.
And by the 2000s, they had trillions of dollars in aggregate in the markets saved to pay retirees benefits.
You know, cops, teachers, police officers, DMV workers.
And so starting in the 2000s, though, we had a series of
downturns, dot-com bust in 2002, global financial crisis in 2008 and 2009, blip in COVID.
And so those bumps really changed how public plans started thinking about stocks in particular.
What happened essentially is they shifted away from vanilla stocks and bonds, which they'd done well by up until 2000, and started shifting towards alternatives.
Alternatives are basically private equity, more real estate,
private, generally, commodities.
I think primarily one of the initial favorites was hedge funds, which are basically more analogous to stocks, but just taking bets.
The stocks will go down.
It's just a little bit more of a taking bets on stocks.
And that part has not turned out well.
Our research has shown continually that that transition, when you look at public plans, those who have made more significant shifts away from stocks, vanilla stocks and bonds, towards these alternatives, have underperformed the others.
In particular, those that made shifts after the global financial crisis, which is when a lot of plans said, whoa, stocks are scary.
They had seen other plans who had dipped their toe earlier do pretty well because these markets were nascent.
They were underdeveloped, so there were still opportunities.
But they jumped in towards the tail end, I think, or tail end of these trends.
They said they jumped in after 2009.
It really underperformed peers.
Showing 201–220 of 560 · page 11 of 28
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