In the last Investment Committee meeting, CalPERS’ chief investment officer Ted Eilopoulos invoked the One Excuse That Rules Them All for investing in private equity. It happens to be bogus.
Read more...One of the strongest, most consistent reactions of experts who watched the video of the last meeting of CalPERS’ Investment Committee was that the staff and the Investment Committee members, save JJ Jelincic, were completely captured by the private equity industry.
Read more...We have decided provisionally to reopen comments on all post. Welcome back, but please behave!
Read more...Dan Primack of Fortune has weighed in on what he calls the private equity “mess” at CalPERS, in an important new story, “CalPERS still can’t get out of its own way on private equity.”
Read more...Examining an excellent in-depth investigation by Reuters into global financial stability issues, and the role of tax havens in this giant game of pain and plunder.
Read more...CalPERS Chief Investment Officer made statements to the Investment Committee that are demonstrably false. As a video of the August Investment Committee meeting shows, Eliopoulos apparently does not grasp how a common tax avoidance scheme by general partners is not beneficial to limited partners. Even worse, he failed to mention that the IRS has recently proposed rules to end this tax abuse.
Read more...The oversimplifications, mistakes, and refusals to answer basic questions by CalPERS staff members at the last Investment Committee meeting of its board suggest that CalPERS has so little understanding of private equity that it cannot responsibly invest in that strategy at all. These errors related to concepts that are fundamental to understanding the economics of a private equity investments and hence to negotiating them.
Read more...Over the course of the last Investment Committee meeting of the CalPERS Board of Directors, many of the statements made by senior members of CalPERS’ investment staff showed a lack of understanding of basic issues, such as the industry’s economics and how widely-used contract terms operate.
Read more...Senior private equity professionals at CalPERS do not understand the economics of private equity funds, raising questions about the staff’s competence.
Read more...It is beginning to dawn on the top echelon that too much inequality is not good for them.
Read more...The IT challenges of a Grexit are important not only in and of themselves, but as a window into the creaky state of bank IT and the systemic risk it poses.
Read more...GMOs have had a hard time in Mexico.
Read more...This post illustrates how dominant the neoliberal paradigm has become all over the world, and how it fails to acknowledge, much the less address, the well-known failings of markets, such as externalities.
Read more...Expect water wars to become more common and deadly.
Read more...A new study has important implications for IMF policies as well as for Greece, both “reformers” and those who advocate a Grexit.
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