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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (2228)	3/16/2004 5:49:13 PM
From: Wyätt Gwyön	Read Replies (3) \| Respond to of 116555

assets of state pension funds fell last year as their commitments to pay retiree benefits rose...Pension assets nationwide fell $77 billion, or 4%, to $1.7 trillion for the 123 funds in the study and liabilities rose 6% to $2.07 trillion, think what will happen in a year where the market is down. Wilshire said the shortfall should close in future years because stock market increases would show up in future studies what does that mean? that there will be stock gains in the future which we can "count on"? ho ho ho

To: mishedlo who wrote (2228)	3/16/2004 7:00:10 PM
From: Tommaso	Read Replies (1) \| Respond to of 116555

I can tell you that the good condition of the North Carolina pension fund owes nothing at all to the current State Treasurer or any of his boards of advisors. It is entirely the result to decades of conservative (read:stingy) earlier management. The current state treasurer has lost billions by turning the fund over to "experts" (i.e. Alliance Capital) in the last 5-6 years. Billions of U.S. Treasury bonds were cashed in and put into Cisco, etc. at the height of the Tech Bubble. It is pure luck that this yo-yo did not get control earlier.