Fleeing Hedge Funds: Use Your Imagination
The decision of the California Public Employees' Retirement System to pull out of its hedge-fund investments continues to attract lots of attention, and understandably so. Calpers is, after all, the largest U.S. pension fund and is among those that continue to seek a relatively high rate of return to help pay the health and retirement benefits of millions of public employees. It is also highly respected.
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