California public pension fund, the nation's largest, faces probe launched by concerned retirees

[SunSeeker]

In recent years, the handling of the nation’s largest public pension fund has caused growing alarm among a group of retirees who rely on it.

They have sought an outside audit of California’s $530 billion pension fund, known as the California Public Employees’ Retirement System, or CalPERS. They have also tried to persuade legislators to install an inspector general to monitor its operations.

Both efforts went nowhere. Now, they’ve decided to take matters into their own hands.

The retired public employees are taking the unusual step of hiring a forensic pension investigator to provide clarity on the fund’s investments, the high fees it is paying to big Wall Street firms and its lagging performance.

https://www.nbcnews.com/news/us-news/california-public-pension-fund-nations-largest-faces-probe-launched-co-rcna215534

[bucolic_frolic]

1. That should get some attention

I sometimes question if money isn't just parked in some of these funds, including mutual funds, even ETFs. Most own a significant piece of the Mag 7 and the rest is just additive. This is true for many managed funds. Sometimes you can't even discern a strategy based on the portfolio advisor's stated strategy. So they all perform like indexed funds. Not much trading going on, too expensive to trade large blocks, not much investing going on, just sit and wait to show how brilliant our wisdom.

As algo's run options which run the market, and AI slices and dices all info into bit for bots, can anyone invest based on the miniscule profits remaining? Only new ideas and innovation are rewarded in the markets.