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Agreed, it ignores the necessity of predictable revenues for government. You cannot govern public policy by waiting for a windfall.
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A state that had Facebook stock options as part of their budget plans
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Volatility isn't all bad. Risk vs return compared with sales taxes. Creates management (and forecasting) issues though.
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CALPERS already owns giant stakes in most of corporate America
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CA has better solutions to get predictable revenue (e.g. rainy day funds, inverse S&P 500 ETFs) than saddling individuals with uncertainty
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