Friday, April 15, 2016
NYC largest pension dumps hedge funds because they suck.
Way to go NYC Public Employees' Pension Fund.
They're dumping the hedge funds. This follows CALPERS and some other large, public pension funds.
Can you blame them? These pension fund managers suck.
How many times here have I highlighted their ignorant calls on the market and on the economy? How about their totally out-of-paradigm understanding of fiscal policy? Monetary policy? Trade policy? Sectoral balances?
They suck, but they're all billionaires. They "brilliance" if you want to call it that, is getting people to give them money to manage and siphoning off huge fees for themselves.
They are parasites with inordinate amounts of wealth and influence.