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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (98210)	2/23/2003 3:48:06 PM
From: SeaViewer	Respond to of 132070

Joan, CalPERS invested heavily in hedge funds, partnership, venture capital, etc during the internet boom. The investments were the worst performers during the past three years. With the assets shrinking (the latest figure is $130 billion) very fast, I am wondering if it will continue "gambling" aggressively. Jeff

To: Joan Osland Graffius who wrote (98210)	2/24/2003 12:51:10 PM
From: ild	Read Replies (1) \| Respond to of 132070

Joan, RE: pension plans OTOH when pension plans lower their assumptions they don't have to be as aggressive as they were. It was said that big rally after 9/11 was fueled by pension funds rebalancing towards stocks. IMO now they have learned their lesson especially after Enron and WorldCom. All this justifies your observation. This is bear market and stocks are still expensive. Do you see ANY bright spot in US economy.