Great article...well researched. Hopefully, the powers that be will also read this and decide enough is enough...we need a changes at SFERS. All the City employees deserve better financial planning and investing.
1. There definitely some corruption going on at SFERS. The current market doesn’t mirror the returns that San Francisco employees should be getting.
2. Sorry Lou, Mayor Laurie did not hire a street cop. He hired a profession desk cop. The chief of police has a distinguished career behind a desk. And for clarity, being on investigative units does not make you a street cop.
Excellent article lou…IMO this is your wheel house. Since I’ve been reading your articles I’ve mentioned you should run for the SF PENSION board..you would be a great asset…that private equity is a Wall Street scam. You didn’t mention they borrow most of their money for more leveraged plays…and when interest rates rise they loose biggly…keep calling them out.
Maybe someone will notice in da mayors office..and put you in charge..
If I am not mistaken, a number of years ago SFERS had to get permission to invest in private equity. This was because just about all pension fund managers decided they had to copy what the endowment funds of large universities were invested in. I believe it was Yale who was originally making good returns with this strategy.
One can certainly argue that the stock market returns are larger than they actually should be but that doesn't excuse the fact that these pension and endowment funds are losing their shirts.
I have a smallish pension coming from SFERS and I am grateful that I was able to put other money into IRAs that allow me to invest in the overvalued stock market.
Great article...well researched. Hopefully, the powers that be will also read this and decide enough is enough...we need a changes at SFERS. All the City employees deserve better financial planning and investing.
Time to do a roll over—or shall a say a roll out!
1. There definitely some corruption going on at SFERS. The current market doesn’t mirror the returns that San Francisco employees should be getting.
2. Sorry Lou, Mayor Laurie did not hire a street cop. He hired a profession desk cop. The chief of police has a distinguished career behind a desk. And for clarity, being on investigative units does not make you a street cop.
Excellent article lou…IMO this is your wheel house. Since I’ve been reading your articles I’ve mentioned you should run for the SF PENSION board..you would be a great asset…that private equity is a Wall Street scam. You didn’t mention they borrow most of their money for more leveraged plays…and when interest rates rise they loose biggly…keep calling them out.
Maybe someone will notice in da mayors office..and put you in charge..
If I am not mistaken, a number of years ago SFERS had to get permission to invest in private equity. This was because just about all pension fund managers decided they had to copy what the endowment funds of large universities were invested in. I believe it was Yale who was originally making good returns with this strategy.
One can certainly argue that the stock market returns are larger than they actually should be but that doesn't excuse the fact that these pension and endowment funds are losing their shirts.
I have a smallish pension coming from SFERS and I am grateful that I was able to put other money into IRAs that allow me to invest in the overvalued stock market.