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Calstrs Report

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Christopher J. Ailman sez:

The fund closed 2010 at $146,414,701,799 (146 Billion) the high value of this Fiscal Year and in 2010. We’ve climbed back to the level we were in October of 2008, when the financial markets began to meltdown. In total, this is the third time we have been at this level. The very first time was in September of 2006, the first time we climbed up toward $150 mil.

 

The 2010 investment return is 12.72%; we beat our Policy benchmark by 24 basis points. While far from the 60 bps we strive to generate, it’s nice to beat the benchmark for the first time in 2 years. Every asset class, with the sole exception of real estate, outperformed its respective benchmark.

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Christopher J. Ailman sez:

The fund closed 2010 at $146,414,701,799 (146 Billion) the high value of this Fiscal Year and in 2010. We’ve climbed back to the level we were in October of 2008, when the financial markets began to meltdown. In total, this is the third time we have been at this level. The very first time was in September of 2006, the first time we climbed up toward $150 mil.

 

The 2010 investment return is 12.72%; we beat our Policy benchmark by 24 basis points. While far from the 60 bps we strive to generate, it’s nice to beat the benchmark for the first time in 2 years. Every asset class, with the sole exception of real estate, outperformed its respective benchmark.

 

Been doing some research on CALSTRS and pension issues.. and of course all google searches lead back to here at some point. According to the CALSTRS site the numbers are..

 

2003 100.53

 

2004 116.18

 

2005 129.59

 

2006 143.85

 

2007 171.90

 

2008 161.46

 

2009 118.88

 

2010 146.4

 

So reading what you posted and what was said and looking at the numbers on their website.. they are still 20 Million short of 2008.. but much better than 2009. Am I misreading what they are posting?

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Christopher J. Ailman sez:

The fund closed 2010 at $146,414,701,799 (146 Billion) the high value of this Fiscal Year and in 2010. Weve climbed back to the level we were in October of 2008, when the financial markets began to meltdown. In total, this is the third time we have been at this level. The very first time was in September of 2006, the first time we climbed up toward $150 mil.

 

The 2010 investment return is 12.72%; we beat our Policy benchmark by 24 basis points. While far from the 60 bps we strive to generate, its nice to beat the benchmark for the first time in 2 years. Every asset class, with the sole exception of real estate, outperformed its respective benchmark.

 

Been doing some research on CALSTRS and pension issues.. and of course all google searches lead back to here at some point. According to the CALSTRS site the numbers are..

 

2003 100.53

 

2004 116.18

 

2005 129.59

 

2006 143.85

 

2007 171.90

 

2008 161.46

 

2009 118.88

 

2010 146.4

 

So reading what you posted and what was said and looking at the numbers on their website.. they are still 20 Million short of 2008.. but much better than 2009. Am I misreading what they are posting?

No, you are right, they are 20 billion (not million) short from the 2007 high. CalSTRS wants to give the impression that they are doing the right thing even though, they and hundreds of other pension plans, institutions and profession in general messed up badly in the run up to the 2008 crisis. CalSTRS to their credit did not invest in the toxic real estate mess, but they over extended in derivatives, hedge funds and private equity and probably took some risks that they say in private they wished they didn't. Should of, could of, would of does not occur just with us ordinary investors. The professionals mess up too. Their private conversations are probably not much different from the conversations of many people who took on too much risk in their portfolio and paid the price in 2008. Live with it, learn from it, and move on.

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