These humble Pa. county controllers beat big pension fund returns by keeping it simple

Published by
The Philadelphia Inquirer

Money management, according to billionaire hedge-fund managers and other high-paid practitioners, is a complex science and art. But does it really have to be? Big state pension funds in states like Pennsylvania or California spend many hundreds of millions of dollars a year hiring many sophisticated advisers to bet on arcane strategies — multiple classes of hedge funds and private equity, real estate and debt funds — in hopes of boosting long-term profit and protecting from market downturns. Over time, returns have lagged. A couple of Pennsylvania counties have found a simpler, better way, say…

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