More on SERS's secret hedge fund losses
A veteran pension manager underlines the risks of too much hedge fund investing, Pennsylvania-style.
Robert Innis, CFA, of Yardley sent this thoughtful note on last Sunday's PhillyDeals column, re the Pennsylvania State Employees' Retirement System's massive investments in secretive hedge funds and private equity funds:
"I applaud you on your article about SERS's investment strategy. As a former investment officer for the State of New Jersey (before the problems) I sort of understand the mental attitude that the Chief Investment Officers and other top officers have toward outsiders. They are bombarded with more people wanting something or offering advise, that they can't really think. Then they go into a shell and won't say anything because they already know all of the answers. However, most of the individuals don't have any real investment experience outside of their jobs, which they have held for many years.
See the column (cut and paste) at
http://www.philly.com/inquirer/columnists/20081026_PhillyDeals__No_telling_how_crisis_thumped_SERS_fund.html