Managing $163 billion is not easy. What this piece points out is:
- It’s generally right.
- “Private” or “Alternatives” are a good idea only when practiced in small size and in small distribution. What is clear is that “alternative” investing as practiced institutionally is neither.
- Public pension math is a problem. Focusing solely on the asset part of the equation leaves one susceptible to the problems NY—among many others—is facing. The sad fact is that the liability side is where the bigger money is and that solution is beyond our political pay grade.
