@kimmaicutler explains VC and limited partners: The masters of the masters of the masters of the universe. https://logicmag.io/04-the-unicorn-hunters/ …
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Replying to @samueldodge
I mean, most people have NO idea SFERS has $1 billion in venture capital! And then if we reduced the discount rate to a more realistic rate, our unfunded liability would be $9B or we'd have to assume riskier investments, which would be even riskier to city workers' retirements.
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Replying to @kimmaicutler
The history in the piece was very interesting. Such recent and boutique origins have grown to mega size and all the forces chasing alpha in this low interest environment. It explains a lot. A good read
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I think it was surprising to me how equities in general (like even public equities) were so stigmatized in the 1960s/1970s relative to debt as an investment....
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