Investment shift costs CalPERS $900 million in potential gains

Sacramento Bee ^ | February 13, 2017 | Adam Ashton

[artichokegrower]

A shift away from stocks and private equity just before the presidential election has caused CalPERS to miss out on about $900 million in revenue since September.

CalPERS Chief Investment Officer Ted Eliopoulos disclosed the number at a Board of Administration meeting on Monday in a presentation describing how a temporary shift in assets has played out.

The fund moved some of its investments away from stocks and private equity last fall, anticipating a period of market volatility. It has missed some of the broad market gains that have unfolded in recent months.

[artichokegrower]

The California public employees retirement program pulled their money out of the stock market in anticipation of the crash after the Trump election. They lost $1 billion dollars. No problem the employers, the California taxpayers, will make up the shortfall. Same California public employees in charge of the Oroville dam.

[Steely Tom]

Hey no problem, just shift the cost of the loss onto your taxpayers!

They won't mind, they love paying for your crazy decisions!

[x1stcav]

Don’t you love how everything the leftards touch lately has backfired or boomeranged on them?

[hinckley buzzard]

Dumb shitz counted on the market tanking after Trump win. Bad idea.

[Attention Surplus Disorder]

Hahaha, brilliant. And sustainable.

[Ben Hecks]

I have always heard investment experts caution against trying to time your portfolio changes. Some “experts” don’t follow their own advice.

[beethovenfan]

Chief Investment Screw-up.

[fruser1]

https://www.youtube.com/watch?v=AOOs8MaR1YM

[VeniVidiVici]

I’m sure someone will get a bonus

[Little Pig]

The move happened well before the election. I suspect that they were trying to anticipate the crater that a Hillary election would have caused. Much like the markets anticipated Obongo’s election by withering after he landed the nomination and faced McCain (weak candidate), I think everyone expected Hillary to win, and like most Dem presidents she would have been a disaster for the economy.

[major-pelham]

California would screw up taking a leak. The damn Soviet Union was better run.

[bamabound]

If Hillary won, they knew we were doomed. We all knew!

[Calvin Locke]

Did they lose a billion, or simply missed out on a billion in gains?

[vette6387]

Here’s the latest “story” on Calpers. They are just shy of $1 trillion in unfunded liability, which translates into almost $100k per household. I’ll bet the illegals will vamoose back to Beanerland when they find out that they are going to have to pay up, or that those who have the wherewithal to pay the debt refuse to do so which is the more likely scenario.

http://www.breitbart.com/california/2016/12/03/stanford-report-california-public-pension-debt-19-964-4-billion/

[Osage Orange]

B.S.

[SpaceBar]

CalPERS Chief Investment Officer Ted Eliopoulos...

Must be weird going to work everyday, knowing you're sitting on a financial time-bomb, but are basically paid to shuffle things around and pretend it's all cool and in the black.

[Flycatcher]

California!

The Venezuela of the North!

[Menehune56]

Glad we left California 20 years ago. Didn’t really want to but we had to follow our jobs. Much happier living now where the west begins.

[piytar]

Weren’t they also involved in the whole “divest” from Isreal idiocy? Know there was pressure from leftiscum for CalPERS to do so. Also think CalPERS bailed on “fossil fuel” investments due to the global warming scam. Then this anti-Trump fiasco.

Oh well. Sucks to be them — and the people who stupidly relied upon these leftscum to protect their futures...

[The Westerner]

Maybe so. The price of gold skyrocketed in 2007-8, but that coincided with the Fed takeover of American banking. Bob Brinker predicted the stock market correctly all of last year based upon the indices he measures. And he predicted right.