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APWA Newsletter: Here We Go Again!
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<blockquote data-quote="JonFrum" data-source="post: 743674" data-attributes="member: 18044"><p>Can you name some?</p><p> </p><p>All pension funds invest their money in the same stock markets, bond markets, and money markets.</p><p> </p><p>When those markets sink, as they have several times in recent memory, all funds suffer.</p><p> </p><p>All pension fund investments are probably handled by one or more of the same top investment management firms.</p><p> </p><p>Some pension funds do better than others for a while, because of luck, educated guessing, and a little wisdom.</p><p> </p><p>It may well be impossible to "beat the market" over the long haul.</p><p> </p><p>Sooner or later the top performing funds, like the Western Conference of Teamsters fund, for example, run out of luck and begin to sink down toward the long term industry average.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 743674, member: 18044"] Can you name some? All pension funds invest their money in the same stock markets, bond markets, and money markets. When those markets sink, as they have several times in recent memory, all funds suffer. All pension fund investments are probably handled by one or more of the same top investment management firms. Some pension funds do better than others for a while, because of luck, educated guessing, and a little wisdom. It may well be impossible to "beat the market" over the long haul. Sooner or later the top performing funds, like the Western Conference of Teamsters fund, for example, run out of luck and begin to sink down toward the long term industry average. [/QUOTE]
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