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
And we've looked at plans against other plans.
We've looked at state and local plans in aggregate against the basic index fund, which is our most recent research.
And it's all ways come up the same, that it hasn't worked.
To the extent that it has worked, the gains have just been minimal.
Public plans are in a position where they have to really defend why it's worth all the trouble to make this transition.
These asset classes are opaque.
they're difficult to explain, and they're in a political economy where transparency is king.
They aren't nimble investors.
They can't jump in and jump out of opportunities because, again, transparency is king.
So to decide they want to make an allocation shift, they have to have five board meetings over the course of a year.
By the time they make the leap, whatever they saw a year ago is
no longer an opportunity.
And so they just aren't, I think, well-suited for this kind of nimble institutional investor game because they really aren't well-suited to turn on a dime given market trends.
That's kind of the story of public plans.
So, you know, the shift to equities worked out pretty well since 2000.
The shift away from stocks towards alternatives has not been as fruitful and has also come with lots of headaches politically.
public plan investors trying to explain what's going on because they're just such a different animal and oftentimes pretty opaque.
And when we study public plans, we actually give them a lot of credit for the things they've done right since the global financial crisis.
There were lots of benefit increases in the early 2000s when the pile was growing at the 80s and 90s and stock run-ups.
And so they've kind of curtailed the system of some of the excesses of that period.
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