Wow, I sure hope all public pensions are not invested in China.
CALPERS has been having problems for years, off and on. Their calculations include a high expected rate of return. I think now they have again decided to borrow money at a low rate in Hope’s of a high ROI.
I had dealings with CALPERS when I worked for a PEU in California. One meeting I remember was with a garbage collector that made around 100K and upon retirement worked for CALPERS in investments. He laughed about the fact that they can do whatever and make the taxpayers pay, and if nothing else the federal government would bail them out. Obama years.
Guess they went up from a garbage collector to a Chinese spy.