Hey MB...
I know you're very busy at the track, BUT if you decide you want a real job, I think you can pick up Mr. Pacheco's position here shortly. He doesn't know that he's aleady gone.-g- Wonder what will happen to the Cal retirees when there's no money left?
Tuesday August 11, 3:50 pm Eastern Time
Calpers shrugs off slide in U.S. equity
markets
SACRAMENTO, Calif., Aug 11 (Reuters) - The nation's largest public
pension fund on Tuesday shrugged off the slide in U.S. equities, saying the
fund would benefit from the selloff because it presented a buying
opportunity.
The California Public Employees' Retirement System (Calpers) said it
would not stray from its investment strategy, which is heavily weighted in
stocks. The fund said that if anything, it was well-positioned to benefit from
the recent losses suffered on Wall Street.
''We have a well-diversified portfolio and we account for corrections in the market -- in fact we expect that there will be
corrections,'' Calpers spokesman Brad Pacheco said in a telephone interview.
''We have a long-term horizon and we know... we can benefit from this,'' Pacheco said. ''We know that over the long
term, stocks outperform bonds (and) we can benefit today because stocks have gotten cheaper.''
About 72.7 percent of Calpers' portfolio was invested in equities and real estate and 27.3 percent in fixed income.
Last week, Calpers said its total assets stood at more than $143 billion as of June 30 -- $23 billion higher than one year
earlier. |
