Spencer Jakab

speaker

981 appearances 14 recordings 1 series first heard Jul 2017 last heard Jun 2021

Spencer Jakab’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · U.S. Public Pensions: Victims of Rosy Future Predictions? · 29 Jul 2019 podcast

That's something that is more and more appealing to hedge funds. voice-verified

They see something that's done well and they say, we'd like to put more cash into this thing because it's done so well. voice-verified

I think people know that past performance not only isn't an indicator of future performance, but past performance is an indicator that maybe some of the best returns are behind you, especially when lots of people are piling into something. voice-verified

That's the real danger. voice-verified

with piling into private equities that they're going to compound their problems. voice-verified

Like a gambler who sort of, you know, doubles down where you sort of, you've lost enough and you're licking your wounds. voice-verified

Instead of doing that, you make a very risky bet in the casino. voice-verified

I'm not saying that they're going to lose all their money, but the likelihood that private equity is going to be, you know, there's no free lunches in investing. voice-verified

The likelihood that private equity is going to be as good it was in the last decade, given all the money, all the idle cash that's voice-verified

that's sitting there waiting to be spent is not that good. voice-verified

So that's not a great thing to hear pension managers saying, and some are. voice-verified

It is and it isn't, right? voice-verified

I mean, it's okay to admit you're wrong. voice-verified

At any other endeavor in life, it's okay to admit you're wrong. voice-verified

The problem with some, not all pension fund managers, is that admitting you are wrong, they have to admit it very, very slowly. voice-verified

Take CalPERS, which I spoke with for the column. voice-verified

CalPERS is a huge California pension fund that has California municipalities as its clients. voice-verified

Now, unlike some pension funds where you can have just a huge deficit and it's all okay, they have a deficit. voice-verified

But if the deficit widens, then those municipalities have to actually pony up more cash. voice-verified

You can't say, Sacramento, you have to pay us, and San Francisco, you don't have to pay us. voice-verified

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