Weekend Giant Reading October 7 - 9, 2016

Welcome to the weekend, everybody. Here’s the latest happenings from down on the Avenue of Giants.


- Human Capital : Here’s a case where a million dollar investment (in a person) has yielded hundreds of millions for a government (in investment returns).

- Wild Fantasy : Texas Teachers’ Chairman admitted to fantasizing about leaving the pension’s hedge fund managers stranded at a gas station . Truth be told... Who doesn’t fantasize about doing that?

- Own Goal : California’s new law to get more private equity fee disclosure will have the unfortunate effect of reinforcing a lack of disclosure at the portfolio level, which is precisely where the transparency was needed most. Sigh.

- Hippy Alpha : A growing number of Giants see renewables as a way to get yield rather than a way to placate hippies. Win-Win for humans everywhere.

- Bad News : The decennial performance of U.S. public pensions was 6.8%, which was well shy of their expected return targets. I sure hope this doesn’t mean we’re going to see public pensions around the country filling their boots full of crappy hedge funds in order to boost some mythical expected return target...

- Strategic Mythology : This just in: CalSTRS has announced plans to add almost $9 billion to its hedge fund portfolio ... You had to see that one coming.

- Collaboration : This new collaborative model of institutional investing looks very neat-o and the people who developed the concept are likely very friendly.

- New SWFs : And the latest country to consider setting up a new SWF is... Guyana.

- Selfie I : The things we think and do not say ... about asset managers.

- Selfie II : Watch a video of me philosophizing about the future of technology and investing .

It’s not too terrible a video to watch.

Have a great weekend!