“They lost 1.2% last year. That’s investment malpractice. Whoever is managing this pension fund is either incompetent, crooked, or both.”
There was an article in the WSJ a few months ago about the guy who runs the State of Wyoming civil service pension fund. He invests it in a portfolio of index funds, and for decades has beat every actively managed state pension fund. He runs a one-man shop, and most days he either meets with state legislators or travels around the state, giving PowerPoint shows explaining how and why he manages the fund the way he does.
Awesome. Not surprising that WY is focused on pension performance, not politics.