19 November 2023


Should CALPERS Fire Everyone And Just Buy Some ETFs?
Meb Faber Research

This is a no brainer.

Private equity will under some circumstances and for a limited time, generate stunning returns, but over the long term they do not out perform the market, and when one considers the fees associated with PE, the numbers are universally grim.

It is malfeasance for any retirement system, much less a state run one, to throw their lot in with an industry which is opaque, rife with self dealing, and not very good at their jobs.

H/t naked capitalism


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