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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (91094)	5/31/2001 9:26:43 PM
From: Tommaso	Read Replies (4) of 132070

I have made an awful discovery today. My own fault for not making it sooner. I am tied into a state pension system. Years ago I was outraged at its stupidity in not getting into equities. More recently, I had been relieved that it was not into equities. Now I finally find the state treasurers reports for the last few years--and discover that the system has anticipated the idea of letting social security into the stock markets. Guess what! A year ago they had the whole system 60% into equities, after decades of cautious bond-buying. Guess what! They had $900,000,000, or about 2% of everything in Cisco! And another 2% in Intel! And another 2 % in Mircosoft. And lots more spread across other high P/E stocks. They have lost a couple of billion on tech stocks. Now they are cutting contributions to the state system. None of this was made readily accessible; it was buried in an annual report that was not distributed. So here I am, having been buying LEAP puts on the same stocks that my supposedly cautious retirement system is buying! The only good thing for me is that it's a defined benefit system and has the power of taxation behind it. What a STUPID bunch of bastards.

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