Nice play on words by ai-cio.com on the title of their article, Sacramento’s Kings, interviewing two of the most influential chief investment officers in America: Chris Ailman of the California State Teachers’ Retirement System (CalSTRS) and Joe Dear of the California Public Employees’ Retirement System (CalPERS). Of course, Sacramento is also home (perhaps temporarily) to the Sacramento Kings NBA team. In the scheme of things, Dear & Ailman seem a lot more important to me.
Interviews are wide ranging. CalSTRS is interested in getting into commodities. It sounds as if both funds are being held back from managing even more of their funds internally than they currently do by pay limitations on government employees… politically infeasible to pay what market would demand. Good discussion of risk analysis. Article is worth a quick read if you deal with either fund.