If You Think the Bull Market Rescued Pensions, Think Again

One year ago the Dow Jones stock index was 19,756. On December 7th it closed at 24,211, an increase of 23%. Pretty good for one year! When the stock market does well, pension funds do well, since that’s where these funds place most of their portfolio investments. But CalPERS, the largest public employee pension system in the United States, is not doing well. Why not?

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