, Columnist
The Markets Don’t Care About Your Wants or Needs
Thinking outside the box probably is a mistake.
So young, and he already knows better.
Photographer: Barry Lewis/In PicturesThis article is for subscribers only.
You may have reasonable expectations of what you can expect from your investments during the coming years and decades. But regardless of what your risk-adjusted return expectations are, the first rule of economics cannot be denied: There is no free lunch.
I was reminded of this by a report that the League of California Cities wanted the state’s big public pension fund, CalPERS, to boost investment returns. However, I did a double-take when I read the following.