CalPERS investments underperform. CalPERS underperformed for a decade, investment chief says in pitch for more risk. The country’s largest public pension system earned an average of 7.7% per year on its investments over the last 10 years. That’s 1.2% less than a hypothetical peer should have expected to earn in the same time period. To remedy the […]
Moving Beyond Modern Portfolio Theory: Timeliness In the spirit of Kuhn, this book eviscerates modern portfolio theory, arguing for a more systemic approach centered around human values and intentionality. I had similar nascent thoughts in 1967 when I concluded economics, based on “rational” actor assumptions of homo economicus, was not grounded in science. Lukomnik and Hawley aptly […]