The Calpers challenge

The biggest U.S. pension plan is dumping celebrated names, demanding more power and making plans to run money itself.

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By Britt Erica Tunick

Photographs by Jonathan Sprague

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Is it any wonder that Kurt Silberstein is frustrated? “I can’t stress enough how disappointed we were with what happened in 2008,” says Silberstein, the boyish-looking 47-year-old senior portfolio manager who has been running Calpers’ hedge fund activities since 2003.

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