I’m sure there are some unobvious gotchas but can’t imagine any that’d be big enough to mothball it completely. Biggest impediment seems California’s deep commitment to being its own worst enemy.
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well I do guess I wonder, a SWF wouldn't have the legal right to invest in *every* startup in CA and what startup or fund would want a California SWF on its cap table, right, bc I'm sure that would come with a lot of extra disclosure requirements & scrutiny?
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Isn't CalPERS our de facto SWF?
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proceeds cover retirements of California state workers,
@lessin is proposing something that funds more general public finance needs.
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CalPERS and CalSTRS already manage huge, diversified portfolios. The state probably has authority to do more, but aren't all the funds in the world trying to chase the same exact diminishing or risky returns?
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That said, I generally agree that California should aim to be "Singapore plus civil society and free speech" in as many ways as technocratically possible
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I’ve seen
@stuffonfire talk about this. -
Yea, we have pension funds underperforming their targets and some of the best investors in the world within 50 miles. Seems like an obvious opportunity. Dunno about CalPERS, but SFERS has a PE allocation that is opaque, so SF might already be a LP
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Those SWFs are based on natural resources. California has a bounty of natural resources, but it refuses to tax it, and other forms of taxes are already high enough that they threaten migration.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Where would the funding come from? Sovereign wealth funds typically come from surpluses and CA hasn't had one in a while...
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taxing high earners it'd be just like if oil didn't want to be drilled and could constantly escape to regions where there aren't drills
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