25 Burst results for "Calpers"
Engine No. 1’s Big Win Over Exxon Shows Activist Hedge Funds Joining Fight Against Climate Change
"And so how did this vote actually come about a small hedge fund called engine number one which was just recently formed and which holds a very tiny stake in exxon mobil far less than one percent manage to galvanize support of massive investment funds like calpers which is californian mega pension fund. The new york state employees pension fund out more than a trillion dollars worth of capital are held by some of these more progressive pension funds. That are very interested in the issue. Climate change it won the support of important proxy advisory services as they're known such as i s in blast lewis these agencies give recommendations that are often followed by the big institutional investors on how to vote and they both supported the tiny dissident for a change in exxon
]]Securing Public Pensions
"The first star emission disturbing members can be police officers. They came preschool employees and state employees. And what we do is we. We make sure that they have a retirement benefit at the time that they're ready to stop actively working in calpers over the last four years has been making very difficult decisions about the appropriate funding of these pension plans for the future. We'll trust i'm dan. Lewis can this is after the fact and that was marcy frost. She leads the california public employees retirement system. Calpers is the nation's largest public pension system with a global investment portfolio of around four hundred twenty billion dollars that's a figure larger than the gdp of countries like norway singapore and the difficult decisions. Marcie mentions affect the retirement benefits for nearly two million public employees retirees and their families is a challenge facing many states across the country as they look at the best ways to fund their public pension systems. And that's something. Greg menace works on at pugh helping states develop solutions to close the funding gap between what state pension plans odor their public employees. And the money. That's being put aside to pay that bill up. Hugh analysis in two thousand eighteen found that funding gap in the states totaled one point two four trillion dollars. That's with a t and that's the data point for our episode. It's a number. Experts see growing with the impact of the coronavirus pandemic amid those daunting numbers states like pennsylvania and california have discovered innovative ways to ensure pension systems. Keep their promises to retirees. Most people are familiar with 401k. Plans and over sixty million americans saved through retirement primarily through those kinda plans in the public sector. It's different where most of the state and local workers participate in what are called defined benefit plans by and large this distinction where in the public sector benefits are paid for through a fixed payment in retirement And the money is managed by the state and today there's about four trillion dollars in public assets. Invested in stocks bonds alternative investments is the main differences between that. Most people save for retirement. The all of us have to be concerned about our retirement. All of us need to plan ahead. Why should all of us care about the public. Employees pension system a well funded pension system in the public sector. can literally cost billions billions of dollars less every year from the state or local budget as compared to one. That's severely underfunded. The short answer is that in a well-funded system the state or local government is setting aside money each and every year while people are working to pay for their benefits when they retire and as it turns out by doing that it ends up that compounded investment earnings and up paying for the majority of the benefit. I'm in contrast they severely underfunded system. Where the money hasn't been set aside while people are in their working years. They lose out. On all kinds of compounded investment earnings and as a result the majority of the cost comes out of the state for state or local budget. I'm just to provide some examples. We look at pension. Plans in states. Like tennessee and south dakota and wisconsin all of which are close to being fully funded. It sounds like if states are planning their investments properly in a smart way. The earnings made by those investments can pay for the costs to maintain the fund. What happens with states. That aren't fully funded if you look at states like kentucky illinois new jersey all of which have less than fifty percent of the assets set aside that budgetary cost is closer to fifteen percent of revenue on average so that means no state somewhere between one and ten in one in five tax dollars going to pensions that adds up to about a ten billion dollars of additional cost across those three states alone. And so i think this is important from the public's perspective not only because of the impact that can have on state and local budgets and in turn the resources that are available for public services but also because having a well-funded system helps to prevent reductions in workforce or cuts in benefits that you need to attract skilled public workforce to be very specific. That means there's less money to buy police cars or paved roads or any other public service. That taxpayer dollars fund right. I mean and that's that's a big deal. I mean the government is always looking to contain costs whether it's healthcare or other issues this is. This is a big ticket item for a lot of states. That's absolutely right. And as i mentioned before. I think for a larger state and city the difference between having a well-funded system in an underfunded system comes out billions of dollars every year so everything from investments in education and infrastructure to healthcare ends up being strained in the budget each and every year it almost sounds like innovation is sort of old school ideas of like. Just you know figuring out what the bills are going to be a mixture. You got the money to pay for them you know. I think that that's right. And there are two ways in particular where i think innovation plays a role you to first off it has to do with how plans and pension systems planned for uncertainty and some of the states that i just mentioned tennessee. Wisconsin in south dakota very clear predefined rules about how to adjust cost if there's a downturn or investments underperform. This includes building margin of safety into assumptions essentially setting aside a rainy day fund within the pensions system and then also adjustments to worker benefits. That are clearly understood by everybody and so from that perspective i think innovation goes back to looking at the policies and practices that these states have been following for
Becoming What We Already Are
"Good morning happy thanksgiving plenty to be thankful for rural alive and kickin which is good. So today i wanted to talk about the the buddhis- original statement all beings the wisdom and virtue of the awaken one to the snus but because of our upside down views failed to see it. We talked about buddhism. We talk about saying we talk about all kinds of religions and ultimately it comes down to this this moment in time but maybe more important than that is a relationship to quite often You know as slight. Yeah go to practice this things so that these things will happen but is very difficult for us to actually swallow own existence this the whole existence of of having a whole you know usually we play our own criteria on it. You know like one. I will become Walt what. I have what i haven't A lives in competitive in comparison with other people's lives all criteria. We add add over the top ten to ten to get us confused about what life is The old teaches they. They tend to tell us. Basically everything's okay all you know so. That's the first thing intrinsic pa. Everything's okay you know why. Why make any more work than than the life that you already live in and then others I'm more concerned with method. You know so. Many people will get confused over those two. Things seem to to be jokes poems to one another you know ultimately in our own life it comes down. you know. he's the. Are you satisfied with the life that you have is this okay. I mean if you satisfied. There's not an awful lot of work that needs to be done. No matter how deep or shallow you feel your understanding. Is you know if you feel that this is complete and is not an awful lot to be taken care of and you can appreciate the the life the life that you have doesn't doesn't matter about the the whole tra paktika all of the buddhist teachings all of his n teach and they really don't mean an awful lot because that just additions or descriptions of the life that we have all movement towards the life that we already have this point in time This morning i was thinking about. You know i was thinking about this. And i was looking at a call on to to sort of illustrate the because it'll get it gives us you know slightly different sort of perspective on life so this is from the the gate lewis gate soon. Japenese so get loose by your moderation. This is a case. Nine called died suci show once among carelessly asked prese joe of koyo died. Suci show buddha sutton meditate in the meditation hall for ten calpers but the dhamma of the the buddha did not manifest itself and he could not attain buddha hood. Why was this joe replied. You'll question is reasonable in date could elected that the monk said he sat end in the meditation whole. Why did we not attain buddha hood. Joe replied because he is a non attained buddha milnes country. I approved the old barbarian realization. But i do not approve. The bob barons of the standing when an ordinary person has realized that he is a saint. If a sane understands it is nothing but an ordinary person the verse far better than realizing the body is to realize the mind be at peace if the mind is realized there is no anxiety about the body if the body and mind
Californias state pension fund pushes companies to cut carbon
"Almost two million californians receive a pension from calpers the california public employees retirement system. Because we're a pension fund we rely on companies thriving in the economy to generate the returns and we pay pension after that but ian simpson of cowper says climate change may put those investments at risk because extreme weather can hurt company profits and if governments require cuts to carbon pollution companies. Relying on fossil fuels may lose money. We need to think about. How do we manage that risk. How do we mitigate that risk. Don't just lie there on the railway tracks waiting to be run over working with other large. Investors calpers is helping to lead the climate action. One hundred plus coalition. The initiative uses its combined financial clout to pressure companies to reduce their carbon pollution. Many are responding because when money talks it has impact and for climate action. One hundred loss. We now have futi trillion dollars in investment. Signed up to making this successful. We've got very ambitious goals. But we cannot let out. The urgency is absolutely upon us
"calpers" Discussed on KGO 810
"Welcome back to the rig Gentleman show. Thanks for hanging around this half hour over at California. There's a big news headline this past week. CalPERS. You probably have heard of it. The California Public Employees retirement system, CalPERS is the biggest Public pension program in the country, and their chief investment officer has just resigned. Ben Mango was there for only 18 months. Apparently, he steered a $1,000,000,000 of CalPERS investments. To a company that he has a personal stake in You know, we have enough troubles in this environment. So have people engaging in personal motivated self interest, if not outright fraud. And here's the bigger problem. Calpers for their fiscal year ends on June 30 and for the 12 month period ending June 30 Calpers total return for its pension fund. Was 4.7%. Now this because it's June 30 that pretty much handles the 1st 6 months pre Covad on the last six months, Post coded. That's not really true. It's more and more like eight months to four months, but you get my point. Even though the stock market was doing wonderfully from July 1 of last year through March, when covert arrived, CalPERS still ended up with only a 4.7% return. Not terribly different from most other pension plans around the country. I might add. CalPERS target is turn 7% a year. It only earned 4.7 Now. I cite this for several reasons. One Keep that in mind as you evaluate your own investment performance. How much money did you weren't in the 12 months ending June 30. I'll bet it was probably something similar to Calpers, 456% something like that. Number two CalPERS target is 7%. What's your target? What rate of return? Are you expecting to obtain on an annual basis from your portfolio? It's amazing how often we encounter first time clients coming to us brand new into our firm here settlement financial engines When we pose the question to them, what rate of return you looking to earn? It is astonishing us how common people will give us a number. Of double digits. They tell us that they're expecting 10 11 12 13% per year over long periods. What you need to remember. Is that the stock market, the best performing asset class in American history, since 1926 has averaged 10% a year. That's the best. No other asset class has done as well, not real estate. Not bonds, not oil, not gold. Nothing has come close to the stock market's 10% return. And yet people will say to us. Oh, I want 12. Really good luck with that. Even worse, the only way you're going to get the 10 and that's assuming that the stock market continues to perform in the future, as it has in the past. We all know past performance is no indication of future results on the Social, the country's a federal offense. Even if it does earn 10%. Are you going to put 100% your life savings in stocks? Probably not because you realize the risks of stocks. You've seen lots of market crashes. We saw one this past spring. We saw one in a weight. We saw one in 87. So you get that. You know the stock market's risky and that's why you're not putting 100% your money into stocks. Maybe you're only putting 60% of your money in stocks, or 50 or 40%. Well, if you don't have all of your money in stocks, how are you going to get 10%? The only way to do that is to have all of your money and stocks. You're not willing to put all your money and stocks you therefore can reasonably expect to get a 10% return. So a 6% or 7% rate of return is more reasonable, which is why CalPERS target of seven. In fact, that's pretty much what the average expected return is for all of the pension plans in our country, professional money managers. Having realistic expectations. And yet in the last 12 month period ending June 30 CalPERS earned United and close 4.7 instead of seven. So I want to make sure that you have realistic expectations. I want to make sure that you are not unduly disappointed by recent investment returns. This is the way it is at the moment. You know, it's kind of funny, even though the stock market's average annual return since 1926 is 10%. And no year The stock market actually earned 10%. It's kind of like saying that the average American household has 2.3 Children. There is no American household that has 2.3 Children, unless maybe we can't pregnant women. Get my point. The average might be one thing, but the actual experience is going to be different. American households either have two or three. Nobody has 2.3 Get my point. I hope so. So. We need to recognize returns fluctuate from year to year on. We shouldn't put undue emphasis on short term results such as what happened in the last Month the last quarter of last year. The last couple of years, let alone what a lot of people are doing. You're looking what happened yesterday as if that matters in the long run. Because we do know that the news is bad in the investing world because of Cove in one illustration is in the airline industry's if you didn't know this last year 4.5 1,000,000,000 passengers 100,000 commercial flights a day, 10 million people work in the airline industry. Six million of them at airports. 2.7 million of them work for airlines 1.2 million in manufacturing. Overall, the airline industry produced $1.3 trillion in revenue last year. This year, only 800 billion 25,000 aircraft, and 1/4 of them are parked. Because not enough people are flying Rolls Royce. They were going to give 500 new aircraft engines to Airbus, and they're only going to give him half of many airports get 60% of the revenues from fees that they charge airlines and passengers the rest they get from retail in parking. Airport shops and restaurants are going to lose 3.5 $1,000,000,000 between now and the end of the year..
California Looks to Launch Its Own Drug Label
"And we're talking with ABC news correspondent Alex stone Alex California taking on an an interesting step yeah now the the state considering getting into the prescription drug business and this really shows you the power of California that I stayed with the the population and the economy of California could potentially do something like this this is only a proposal right now this is part of what the governor is going to propose in his budget tomorrow would still take California lawmakers giving a thumbs up on it for it to move forward and there is a a lot of time in between this proposal and when they would do that so who knows if this will look anything like this in the end or if it will even with stand and tell the end but the governor is saying the bottom line the cocktail Kerry's too high that is part of this plan California would create it's own prescription drug label that the state would contract with generic drug companies they would make the medication California is not gonna be producing prescription drugs but Daddy's generic drug companies would do it they would do it on California's behalf you would have California's label on it and in California would sell the drugs to the public the prescription drugs he believes that that that would bring down prices would increase competition on the generic market me says that Californians are paying too much the that he feels like if California can come in with a very low price that's going to force the other drug companies to come down as well and that in the end Californians will come out the winner in all of this if the state could pull something like that out this off but this is a very new plan no other state has ever tried anything like this if it would actually work nobody knows one I I have visions of lobbyists for Walgreens rite aid CVS and every pharmaceutical company rushing to the capital to put a stop to this well in pharmaceutical companies have such a big lobby effort that that goes on a lot of money in the lobbying that no doubt that that there would be a lot of push back on this and they may succeed that there is so much money in that industry that if you're pretty much saying we're going to bypass you and the state is going to make its own prescription drugs and sell those directly to consumers well then you're going to be dealing with a lot of push back on that hi and if there are a lot of different aspects to this a plan would he says creed the single market he wants Medicare al CalPERS covered California to work with private insurers to negotiate as a group with pharmaceutical manufacturers that they would go in as one big group and say even with a non generic brands of all right here's what we are all willing to pay give us the best price and again you have that is written in the law they have to negotiate together you're gonna get a lot of push back from the industry this will be fascinating to watch ABC's Alex stone thanks
VCs are leaving trillions on the table by bypassing diverse leaders, study says
"It when we first aired this story earlier this year. I said. Stop me if you've heard this before but actually you gotta to hear this if you missed it. Ninety one percent of venture capital investment goes to men almost eighty percent of those men are white probably because ninety percent of venture capitalists Armen mostly white but new data shows that. BBC's are leaving a lot of money on the table by only investing in people. Who Look like them? Morgan Stanley put out new information. Just this week. That says venture capital as an industry could be missing out on as much as four trillion dollars in value by not investing in more diverse founders yup trillion Carla Harris is vice chairman of global wealth management at Morgan Stanley. She told me earlier this year. The numbers are getting hard it to ignore. I think in the last few years there's been a lot of data that has been released that talks about the value of companies that have more women internally eh or the performance of women lead founders or the successes multicultural entrepreneurs so now I think there's far more data data out there. That is supportive of the argument. That in fact there is something to miss but I think when things have been bumping along you know in fine form form and there was nothing to counter that argument that was not necessarily a motivation on instigation. To change it especially when you're driven by returns I want to move the money chain when you put out a report like this from Morgan Stanley. Are you speaking not just a venture capitalist but also to their investors the limited partners who arguably they are the ones who are holding the purse strings. We hope so molly as part of what we're trying to do is to say not only are you. B C's missing it but perhaps happen if you're missing it you may be leaving money on the table for your limited partners and I wonder do you think that's where the ultimately the change has to come from like if LP's appease all suddenly introduced diversity writers if every pension fund that was going to put some money in venture capital said. Hey my pensioners want you to do the best you possibly can in that means investing. Broadly is that what it's going to take. Well I'll tell you I think that would be powerful. There's no question that limited partners have power in this. Let's see question to also move the needle with the distribution of capital two women and multicultural entrepreneurs no question and you absolutely started to see. There's some of that in the private equity industry where LP's like calpers and Kosters certainly did make a difference though. I think the same could apply here. That's very every reasonable right. The survey says that women earn seventy eight cents per dollar invested. Men only earned thirty one cents. That should be enough evidence right. We should suddenly. I'm sure that in the next next year we will see a flood of new investment when multicultural founders right. Well I won't
VCs are leaving trillions on the table by bypassing diverse leaders, study says
"This marketplace podcast is supported by pager duty in an always on world teams trust pager duty to help them deliver a perfect digital experience to their customers every time with pager duty t there's no question that limited partners have power in this equation to also move the needle with the distribution of capital two women and multiple public media this is marketplace tech demystifying the digital economy I'm Ali would Carla Harris is vice chairman of Global Wealth Management and head of multicultural client strategy at Morgan Stanley the M dot com if you could make trillions of dollars investing in more diverse founders why wouldn't you from American value of companies that have more women internally or the performance of women lead founders or the success is multicultural missing out on as much as four trillion dollars in value by not investing in more diverse founders trillion Carla Harris is vice chairman of especially when you're driven by returns I want to move up the money chain when you put out a report like this from Morgan Stanley are you speaking not just a venture capitalist must eighty percent of those men are white probably because ninety percent of venture capitalists are men mostly white but new data shows that BBC's are leaving a lot of money on the table by only investing in people who look like them Morgan Stanley put out new information just this week that says venture capital as an industry could be that's where the ultimately the change has to come from like if LP's Al- suddenly introduced you know diversity riders if every pension fund that was going to put some money into venture capital said entrepeneurship no question and you absolutely started to see some of that in the private equity industry where LP's calpers and Kosters certainly did we to invest more broadly but that doesn't make sense right well let's talk for a moment about how venture capital firms make money and why I suspect it is their investor that should be enough evidence right we should suddenly I'm sure that in the next year we will see a flood of new investment when multicultural founders right well things have been bumping along you know in fine form and there was nothing to counter that argument there was not necessarily a motivation on instigation to change it hey my pensioners want you to do the best you possibly can in that means investing broadly is that what it's GonNa take well I'll tell you I do think that that would be powerful double wealth management at Morgan Stanley and she says the numbers are getting hard to ignore I think in the last few years there's been a lot of data that has been released that talks about the entrepreneurs so now I think there's far more data out there that is supportive of the argument that in fact there is something to miss but I think stop me if you've heard this before ninety one percent of venture capital investment goes to men but also to their investors limited partners who arguably are the ones who are holding the purse strings we hope Somali part of what we're trying to do is to say not only are UVS's missing it but perhaps if you're missing it you may be leaving some money on the table for your limited partners and I wonder do you think and now some related links we've got a link to the latest Morgan Stanley data and the survey of two hundred venture capitalists released earlier this week over at our website could difference though I think the same could apply here that's very reasonable right the survey says that women earn seventy eight cents per dollar invested men only earned thirty one cents I won't necessarily say it would be a flood but I'll tell you we would be very happy to see that happen if this one report made that kind of difference in the industry we'll take that all day long eighth marketplace Tech Dot Org one interesting result of the survey data is that sixty percent NBC's say there aren't enough women or multicultural founders in their portfolio the Wall Street Journal tried to break it down a year or so ago but investors are putting tons of money into venture capital and private equity right now because stocks and bonds are kind of flattening out I would have to demand major change. VC firms make money by charging a fee for managing money that's about a two and a half percent of the amount they raise says apm this marketplace podcast is brought to you by entercom intercom what's more of the Nice people visiting your website to give you money so they took a little chat bubble in the corner Google's so that even if everyone is doing fine right now why not at least try to do better Matt Pretty and Stephanie Hughes Produced Marketplace Tech Jody on customer unity got forty five percent more loyal users with intercom in just twelve months go to intercom dot com slash podcast to start making money from real time chat
"calpers" Discussed on Mornings with Keyshawn, Jorge & LZ
"The jews. Well, no, white people. But I just wanted to make sure civically what you were talking about a businessman. Yes. And he didn't want the business to change don't fix and Marvin Gaye had this image at this point of this this crooner and the idea of doing this political concept album. I mean, that's what what's going on. A centrally was was concept album, the idea of doing something like that. He thought was career suicide for Marvin Gaye, and like Marvin Gaye insisted this is the album doing and then ended up as best like it's the seminal album of his career. Right. And again, like even guy like berry Gordy who is as great at doing. What he did is anybody like in music history. Even guys like that get a wrong every now, and then I don't think he got it wrong. I I still think berry Gordy reasoning was sound which is you're making a lot of money. You're very popular. This is what your audience with my sister, by the way, too, right? That's her livelihood as well. You know, that's that's her comfort. So, you know, it's I'm glad that it worked out for everybody. Because certainly what's going on is one of the greatest albums of all time. So again, Marvin Gaye would have been eighty years old today. UCLA what's going on? Well, not much. I see what you did there not much John Calipari the school had interest in him. But it turns out he is now off the market because Kentucky has given him a lifetime contract ESPN ESPN confirmed. It was first reported by the athlete, basically just he's going to be a coach for as long as he wants a Kentucky. And then from there he's going to have some type of ambassador role once he's done. But that option is now off the table for UCLA CalPERS name actually had come up every now and then for the Lakers. But it begs the question of where does UCLA go from here in terms of filling in that vacancy, and how big a draw is that job. Now. Listen going to get a job Earl Watson stop messing around. Is that good enough higher? It's it's an alum is someone who's plugged in is someone who can help bridge the gap between history and present. And hopefully, a brighter future is someone who understands how to recruit as someone who understands. How to relate is someone that walks into the office of walks into your home and says, I know how to get your son to the NBA, and he has gravitas to do. So why oh because he played in the NBA. He is someone who is far as I can tell doesn't have any blemishes in his background is respected is capable of interacting with donors and fundraisers and business people is able to help bring back some of the glory that's been washed away. I don't know if going out to get someone to parachute in like, John Calipari would have been able to do all of that you may have been able to infuse some energy..
"calpers" Discussed on NewsRadio KFBK
"And it's forty six in Sacramento at NewsRadio K K. Fringe out. California's pension fund CalPERS was a major investor in the tabloid the National Enquirer, according to new financial records during the election year in two thousand sixteen CalPERS appears to have owned as much as one third of the national enquirers parent company. American media, the investment was managed by a New Jersey hedge fund, but spokesman Brad Pacheco says CalPERS is currently working towards liquidating its remaining holdings. Calpers didn't make a decision to invest in American media. We invested in a fund about nine years ago that the didn't own the company at the time but later purchased it Pacheco says there are few industries at CalPERS will not invest in like tobacco, for example. But he says they do take member feedback into consideration. We always listen to our members we are always open to their feedback. National Enquirer was most recently accused of blackmail by Amazon CEO, Jeff Bezos, like blunt, NewsRadio KF. Vk surveillance cameras are designed to cut down on crime. But in this case a camera in Thomas caught a one hundred twenty three pound plus mountain lion. Walking up to the door of home yet. Dow shake called nine one one after his ring surveillance camera captured the cat on Bessemer way. Sunday, people in the neighborhood were told to stay indoors while animal control officers hunted for it city councilman Angelique. Ashby says they all worked together. I haven't seen that before. Really proud of everyone involved our own city animal control without their sack PD had a lot of resources out there fishing wildlife or great and powder and security, and we were all out there. This for several hours making sure we got to send a control they found it under a Bush in the backyard and shot with a tranquilizer fish and wildlife. Tell us the best plan is to release into the wild far far away from any neighborhoods. The California Department of rehabilitation is making it easier for prison inmates to access medical and dental care inmates in California, prisons will no longer have to make copayments to be seen by. Medical doctors and dentists the CDC ause Liz grandma says the goal is to get patients to seek care for their health issues. Earlier early detection and preventative medicine is crucial for any healthcare organization and can prove fiscally beneficial in the long run and greasy says the CDC are will benefit from a substantial reduction in paperwork. We anticipate the administrative costs associated with collecting the co-payments will offset the amount collected annually. The CDC are collected just over four hundred and sixty thousand dollars in copayments during the two thousand seventeen eighteen fiscal year, mental health services for inmates haven't required a copayment. Joe Michaels, NewsRadio K F B K. Teachers in Oakland are preparing to strike for third day after negotiations with the school district broke down over the weekend. Oakland unified tells us in a statement that the talks ended Sunday with no resolution on issues including salary and class sizes. The union says teachers will return to pick it line starting this morning, Oakland three thousand educators went on strike last week picketing Thursday and Friday outside the city's eighty six. The schools jury in federal court in San Francisco will decide whether roundup weed killer caused California man's cancer and a trial the plaintiffs attorneys say could help determine the fate of hundreds of similar lawsuits. Opening statements and Edwin hartman's lawsuit against agribusiness giant Monsanto are scheduled this morning. The seventy year old is the second plane of to go to trial of thousands.
"calpers" Discussed on KFI AM 640
"Under. Somebody yelled for a hammer I have a work truck so I. Had run over that gotten a sledgehammer in case we had to break a window. But we didn't change is coming to state prisons governor Brown has. Signed, a new law. On pat-downs and other procedures male guards will no longer be allowed to search female prisoners or look at them while they. Are not fully dressed the Bill. Also prohibits, male guards from entering areas like bathrooms where women are naked there are exceptions. For emergencies when no female guards are available the Bill takes effect next year. Debra Mark KFI new lawsuit has asked the courts to force CalPERS to reveal which state employees. Have claimed they are disabled in retirement transparent to California executive director Robert Kelner says claiming disability allows state workers to get their pensions early in tax free the. Public records act request for that information it was literally just for one word either the pension was regular disability. Nothing more transparent California posts the pension amounts of state workers Fellner says that information would help crackdown on disability fraud. CalPERS has declined to comment charges have been. Filed in Colorado against the man accused, of killing his pregnant wife and. Two young daughters, murder in the first degree after the liberation One counts naming Shannon watts one cat naming Bella one count naming celestial Michael rook says Christopher Watson is also, charged with murder by, a, person, in a position of trust those. House named Bill is Celeste as victim the girls were. Three and four years old. Watts also charged with ending his wife's pregnancy and tampering with a deceased human body a friend reported Shannon Shannon watts and her is missing last week Court papers show Christopher watts has admitted to killing his, wife but he says she strangled the girls when he asked for a separation traffic from the. Helpful socal Honda traffic center crashing orange on the five that's, on the northbound side of the city drive the crash has. The offramp Baloch slowing you up from seventeenth street you get caught up in that or, see something else on the, roads give us a call and the Ralph Samy time traffic line triple eight.
"calpers" Discussed on Bloomberg Radio New York
"This is Bloomberg John Tucker and Peggy column. On Bloomberg radio And, good day to you, I'm Bob moon in for John Tucker the California Public employees retirement system led the national charge, out of hedge ones for. Years, ago because of their complexity limited capacity and high fees now the largest US pension system is stepping up, its investments in strategies designed partly to hedge against market risk begging with us by phone to tell us. More is John Gittleson are investing reporter based in Los Angeles John explained to us this shift that you reported this week that. Cowper seems to actually be bulking up on hedge fund strategies Yeah well, a year, ago they had one billion. In h you are and Aberdeen standard strategies which were supposed to manage. Ups and downs, the, markets smoothed out things prevent losses on the downside in the past year they committed another. Seven hundred million to the strategy and, then in July they, got one billion dollar allocation to Fidelity Investments and these I call them strategies but basically there, are different ways of investing. To, prevent volatility downside risk and smoothed out returns over the long run they're not necessarily supposed to be the, the ways to bet and stock market for example or track the stock market there's supposed to be ways. To protect or hedge against bad market events so John CalPERS though made a big splash by saying it was heading out of Hedge funds because of their, fees how did the pension fund reconciled the two the. Difference really is about fees they paid to hedge fund hedge funds they say, isn't necessarily, a strategy it's a payment. Plan where hedge funds you know traditionally get two percent of all the. Assets under management, and, twenty percent for whatever they do to make money for you In this strategy he essentially? What they do is they, pay a flat fee it's higher than what you would pay index investor but they? Pay, you a fee, to deliver, the equivalent of sort of, beta you're gonna track some index you're gonna track some indicator a. Factor like volatility or inverse volatility? For example, to try and head against bad. Marketing events how have these. New strategies, I guess, they're not new but. How of these strategies that they seem, to be, bulking up on been doing well not that well last year the returns or two point nine percent on the Aberdeen the And they also had some. Money with Perella Weinberg so the whole fund got eight point six percents and their goal is to actually beat the, Russell, three, thousand with these to, get about seven point five percent with this strategy which when this project with the recently initiated was the. Annual target goal for the funds in Todo all asset classes. From stocks to private equity Tara I can't help, but wonder if if this isn't sort of like the poor man's hedge fund. Because they're not getting the. Performance but they're not paying, fees either well you know that's one, of the, criticisms is in the hedge fund industry they're. Sort of saying you get? What you pay for Don, Steinbruck who represents a hedge fighting advisory firm basically said yeah they're they're saving on? Thieves, but they're also, not getting, rewarded for their investment here, and some members aboard are wondering Is, this a strategy we can expand to the scale that CalPERS needs I mean they have about three hundred sixty, billion dollars in assets under management. They, want to, put their money and their resources in investments that are scalable. That can deliver results and make a difference move the. Needle has they like to say John besides the hedging strategies, that, we've, been talking about is, there anything on the investment side that popped out for. You through CalPERS meeting on Monday Yeah again they'd be talking about private equity they're sort of tweaking their strategy the idea is that private equity hedge timers and other alternative assets are where they. Need to look more and more for a couple reasons one there's a kind of sense that you're not gonna get much yield problem. Bonds and stocks they're kind. Of a peak valuations right, now but more importantly they see a growing part of, the economy is not in publicly traded asset so they have to figure? Out ways, to get exposure and possible outside outside the games from alternative asset. In order to meet their target goal of seven percent a year John thank you so much for your great reporting this week on CalPERS. Pension fund and how it's actually, betting on hedge fund like strategies thank you for, having me that's John Gittleson Bloomberg news investing reporter in LA coming up on Bloomberg.
"calpers" Discussed on Capital Allocators
"And number two, how do you make sure you have a seat at the table so that your concerns about the environment are well voiced. So I never adopted this all or nothing attitude toward anything because invariably life isn't that black or white, or cut and dried. And usually if you keep your eye on what the bigger picture is, you can figure out a way to get there with virtually any investment. So it's important to Hugh to those three broad principles that are sufficiently broad that you can. Accommodate in a consulting arrangement. For example, the client's desires and wishes. I want to take a quick turn because a lot of what we've been Banting around could be wrapped up into sort of index funds. So you mentioned early on, hey, the nifty fifty alone isn't a great way to go. What's your take on large institutions that have governance challenges and the applicable -bility of Justice, simple index approach. So let's take helpers specifically because it's three hundred billion dollars. The biggest challenge we had was where to put all the money, and the problem was is they couldn't hire enough active managers even move the needle. They would have to hand out billion dollar chunks. They could hire twenty of them. And they still had two hundred twenty billion dollars leftover. So you can see how the law of large numbers worked against traditional active management. So from a cost standpoint, and from volume standpoint, CalPERS Wilshire's recommendation has a significant portion of its assets index to The Wilshire, five thousand stock index. And the reason why is because you can't hire that many managers when hedge fund started coming into the consciousness of institutional investors CalPERS went down that road, and I said to them a help you do this, but I think you're going to find that it's going to be difficult for you to invest and sure enough the best hedge funds wanted nothing to do with CalPERS because CalPERS wasn't willing to pay their fees and Ted Elia polis the. The chief investment officer eliminated the hedge fund program, and he got a lot of heat from that primarily from the hedge fund industry because I saw it as being very negative, and he came to meet with me one day and I said to him, that was a great decision. And I've been on the record in the industry talking about that because people know that I was the investment consultant to CalPERS. And I said, look, if you're a three billion dollar foundation, hedge funds can work for you when you're a three hundred billion dollar governmental pension funds. Not so much context is everything. What is it that prevents a CalPERS from just going a hundred percent index and eliminating some these governance decision making challenge, they've been moving in that direction so they eliminated hedge funds. They dramatically reduce their active management component. Their equities are pretty much one hundred percent indexed. They've internally managed their fixed income and they've done it in a. A very modest way. It's not indexed, but instead of swinging for the fences, they went for a little singles doubles. And that approach has helped help her's steadily compound the returns and fix income. So it has the the ballast effect that you would want in an overall investment portfolio because they manage it internally. It's very cost effective, and the staff has delegated the authority within broad guidelines as to how to do it. And it's worked out very, very well. The other areas where they have active management is in real estate and private equity. They brought in strategic partners, Blackstone in particular to help them on the private equity side on the real estate side actually makes some sense for them to actively manage the real estate CalPERS is so big. They can go out and buy a shopping center. In fact, at the time when shopping centers were doing so well, CalPERS owned a lot of. Them in the United States as an example, your it will sure for a long time comes to two years. And what was the impetus for moving on from there? That is an interesting story. Wilshire's managing partner, managed our partners capital, and he did it by trading hedge funds. And in the early two, thousands, there was a scandal in the United States..
"calpers" Discussed on BizTalk Radio
"A long term care insurance through calpers sorry guys i'm gonna be real dead honest with you on this don't put your insurance through a pension fund well i'll let you fight it out with her i'm the research guy so here i go i'm gonna pull out this is a thirty six page white paper done by ibbotson retirement portfolio and variable annuity with guaranteed minimum withdrawal benefit now i'm not here to peddle annuities i don't you don't sell variable annuities so this is all right from ebbets and data of a guaranteed minimum withdrawal benefit piece of this is the most important piece and pardon me but i have to read this because it's compelling stuff here's what ibbotson said i should probably put my glasses on because it's kind of small print must i hopefully i hate doing this yeah otherwise i looked very studious this quoting oh man now i can see it i guess we applied the semi deviation measurements and income returns for a series of simulation analysis across three scenarios it does get complicated i'll i'll give you the simplified version one the standalone annuity product with these guarantees these meaning the ones that they covered a knee studying to standalone traditional non annuity products such as.
"calpers" Discussed on BizTalk Radio
"League of california cities urge calpers the largest pension in the united states by the way their investment committee think out of the box and finding way to exceed it seven percent investment return projections saying that it cities won't be able to pay their monthly contributions the pension plan if returns are that low i mean what are they thinking that is like a multimultibilliondollar plan and they want a juice the returns a little bit with bond yields where they are with the stock market at record highs i mean come on this is insanity and i bring this up because it's equally is insane for you to plan your retirement with false expectations at least a calpers credit they lowered their expectations and they're still well under funded according to my readings dane hutchings that goes on site today a calpers september seventeen report which showed that one hundred eighty of the four hundred and forty nine cities and towns that participate in calpers at an individual funding ratio between sixty and seventy percent sounding a warning a warning alarm hutchings said a significant number of those communities could fall between the fifty and sixty percent funded when new calpers data come out in august by the way when you get.
"calpers" Discussed on BizTalk Radio
"Here's what they said the league of california cities one of the states big pension fund calpers to boost investment returns okay well i want them to boost their investment returns to in fact i like you know my adviser to boost their investment returns who wouldn't like that but let me tell you the danger behind all of this i will do that in a moment but allow me to read on this is barry ritholtz who wrote this the legislative representative to the league of california cities urged the calpers investment committee monday to think quote out of the box and quote in finding a way to exceed its seven percent investment return projections saying that cities won't be able to pay their monthly contributions to the pension plan if returns are that low so the city's contribute to this calpers plan but it's based upon certain actuarial assumptions like any other defined benefit pension plan and when you hear about underfunding it's because they made an assumption that the plan would earn a certain rate of return and meet all of its pension liabilities but that rate of return turn fell short of the assumed return and therefore they're under funded this is a problem on many different levels it's like me going to my portfolio managers say when i had a business and going down the hall and saying hey charlie i need you to think outside the box because our business is going to go bankrupt if you don't increase the rate of return on your retirement plan this folks is how money managers financial managers financial planners and everybody gets in trouble because all of a sudden and we're only talking about a half a percent here at calpers by the way they're restrained seven percent and seven and a half percent and many times back in the day they were using an eight or eight and a half percent expected rate of return and of course if you don't hit the expected rate of return you become underfunded well this is the same for you and me in our own retirement projections when you're adviser plugs in ten percent rate of return compounded for the stock market you need to say stop fella or lady that's bogus information if it were that easy to get ten percent then with all of.
"calpers" Discussed on 77WABC Radio
"To sweden in the world of financial pornography well first of all who calpers ever heard of the term calpers that's the california essentially invest all the money for pensions and california's if your teacher you have a pension calpers is the one that's the money california's california's public pension fund one of the biggest if not the biggest in the world and then you gotta let her the other day from the legislative representative to the league of california cities urging calpers money managers the investment committee to think outside the box because the seven percent projection they're making for their return just isn't enough i mean let's be real here bob seven percent a year on your money is pretty fantastic and we've been in a raging bull market so can get those returns every single year because you're going to get years like two thousand and eight where the market ground like forty fifty percent have we been in a big booming bull market now for nine years and the politicians are still unhappy they need even more money in spite of the fact they've had record returns it's scary and that's one of the problems with investing in general it's like when you have your portfolio a lot of times we tend to oscillate between fear and greed when things are going well we only want more and more and more and that's a risky place to be because eventually the shoes going to drop and what it does if you have too much money at risk you're going to feel the pain no pun intended i can't imagine if they wrote back to the representative and said well yeah we can make more returns as long as you're willing to take more risk which means if you wanna make a lot more.
"calpers" Discussed on BizTalk Radio
"I a dot com click on the ask ray button gets right through to me and i'll try to tackle some of those emails here coming up in just a bit lots on the docket today some interesting stuff going on at calpers i think it's still the largest pension in the country and what's happening from the league of california cities what they're telling the cowher's investment management team to do this is great you're not gonna wanna miss this and it's actually really really dangerous and my opinion tax free retirement strategy i've got one maybe we'll get a chance to talk about it bonds we've had a very good run for bonds you've heard me talk a lot about what happens to bondsman interest rates go up but you still should have bonds as part of your portfolio the question is what type maybe it's all types i'll talk about that plus i had another question on a market crash and when i said was it yesterday i think it was that it usually takes about four years to recover somebody said to me no no no because in the nineteen twenty nine it took twenty five years for the dow jones industrial average just to get back to where it was yes and the big fat no i will explain that but i start today with this us workers rank retirement security i sit back folks relax it's program helping you out of here live on your radio and television nationwide and.
"calpers" Discussed on BizTalk Radio
"The calpers the league of california cities urge calpers the largest pension in the united states by the way their investment committee the think out of the box and finding way to exceed it's seven percent investment return projections saying that it's cities won't be able to pay their monthly contributions to the pension plan if returns are that low what are they thinking that is like a multimultibilliondollar plan and they want a juice the returns a little bit with bond yields where they are with the stock market at record highs i mean come on this is insanity and i bring this up because it's equally is insane for you to plan your retirement with false expectations at least a calpers credit they lowered their expectations and they're still well under funded according to my readings dane hutchings it goes on site at a calpers september seventeen report which showed that one hundred eighty of the four hundred forty nine cities and towns that participate in calpers had an individual funding ratio between sixty and seventy percent sounding a warning a warning alarm hutchings said a significant number of those communities could fall between the fifty and sixty percent funded when new calpers data come out in august by the way when you get the fifty percent that is a death spiral it's a death spiral remember a.
National Geographic admits much of its past coverage was racist
"By reborn as city attorney's office is focused on keeping guns away from the teens who might use them in schools elliott school police chief steve zipper men says that the shooting in parkland florida has changed how people react to threats steve mnuchin tried to make light of the constant information that continues to come regarding information on weapons and social media threats we're getting a huge increase of the information from students the city attorney charged two dads in the valley for failing to properly lock up their guns the charges come up within six months in jail and a thousand dollar fine well it sounds like video of the treasury secretary at ucla has been leaked steve mnuchin tried to make light of the constant hissing from people in the crowd well let me first say that the only part of this that i understand that you wanted to his was by going to yell that is completely understandable but he was apparently bothered enough by the appearance last month that he withdrew his agreement to post the event online you guys get to hiss at me i don't get to you you complaints came from students and free speech advocates and ucla released it friday only saying mnuchin gave his okay michael krozier kfi news near retirees have pushed california's pension costs up another billion dollars a year robert fellner with the transparent california says that more than twenty five thousand government workers joined calpers in the last fiscal year personnel paying out nearly twenty one billion dollars a year represents a forty three percent increase over just the past five years while he says cushier benefits passed in nineteen ninety nine and two thousand one have led to the pension costs going way up with new retirements and national geographic says it's past coverage of the world was racist editorinchief susan goldberg says the publication which is devoting its april issued to race head do own it story to move beyond it an internal investigation showed that until the nineteen seventies national geographic pretty much ignored people of color in the united states who were not domestics or laborers it also reinforced people of color from foreign lands as exotics famously infrequently unclothed happy hunters noble savages every type of cliche aaron bender kfi news traffic from the helpful socal honda traffic center now let's take a look.
"calpers" Discussed on The HoopsHype Podcast With Alex Kennedy
"The first round drop rector i presume that's going to be this year its first rump pick from the polls will suit the protections are on it but i think this is a a trade that for new orleans counted their lastditch attempt now i think to get into the playoffs this year to keep that anthony davis as well who only of two years left on his contract up to this one it and for the bowls it's it's just okay a deep because they gotta take on that here for next year the truth is going to impact their free agent space for next year and so the great prediction by me that not that many guys uh who have salary going passed this your or do we get ready carr's uh that just happened and that it's interesting to note than that just getting near church for an expiring contract wasn't enough uh that they had to take back bad salary predict yours wall and that's what equalled the first ron drop bearded wasn't really worth that quote unquote on his own riot gear very interesting um we actually we we did a piece spradlin down you know who are some options for new orleans right after a demarcus cousins got hurt brian calpers ski my colleague at hoop save wrote the peace and he had near dijon there and basically said you know if anthony davis moves over the five he provides great shooting he's having a monster year so it'll be interesting to see what happens in new orleans now they're obviously try and make the playoffs this year a dell dem's is as doing what he can to keep his job there um you know there have been so questioned about that and his future so um certainly we'll see what happens it's funny the last question they had for you is actually about new orleans some really glad you brought that up i hadn't seen that um it's from our wehbe t n he said that if the pelicans decided they don't want to pay demarcus cousins due to the injury is there any package that you would accept free ethnic davis now obviously it seems like the pelicans are focused on winning right now focused on this season otherwise i don't think they make this trade um but is there any package out the.
"calpers" Discussed on KHNR 690AM
"The where he news this hour town hallcom top advert vase president trump is calling and alabama voters to elect worry aboard the us senate in next week's special election the president spoke to a boisterous crowd in pensacola florida waited the alabama border where his message was aimed the president ticked off his accomplishments with tax cuts and tougher immigration policy and says he needs roy moored there to help him continue his agenda not the opponent doug joan we can't afford liberal democrat who is completely controlled by nancy pelosi a chuck schumer with trump also marked one of moore's accusers a woman who had presented assigned yearbook to support her claim more had molested her when she was a team and he was in his thirties i'm jackie quinn representative trent francs now says his resignation from the us house of representatives is effective immediately on thursday frank said his resignation would be effective on january thirty first thought he reversed himself less than 24 hours later citing his wife submission to a hospital in washington due to what he called an ongoing ailment the abrupt resignation follows an ap reports that a former aide to trent franks said the congressman repeatedly pressed her to carry his child at one point offering her five million dollars to act as a surrogate franks has admitted to discussing surrogacy issues with his female staffers which he acknowledged may have made them feel uncomfortable linda kenyon capitol hill thority say 85 structures have been destroyed by wind driven while farther 12th through a semi rural area of northern san diego kelley calpers spokesman kendall fortier says the bylock fires burn more than six four miles in san diego county we're still isiro percent containment cut perfect continuing to work remember this was a wind driven fire uh occurs when trying to stay out ahead of this quickly say could the fire up to thursday in rapidly expanded more than six where miles under fierce santa ana winds subsided this is tunnelcom why gallagher here again for one of my all time and i mean all time favorite sponsors relief factorcom i storage simple i had a hip replaced than i had.
"calpers" Discussed on KGO 810
"These are the types of things beyond your 401 k or your calpers or cal stirs plan the idea cutters building we've got a couple of weeks left it it'll a lot of a lot of reaction to getting the east and heath and bear my own show bring your bring your bring your cameras he'll he'll posed for pictures but you're right it it it's really capri it to financial planning it it it it's it's insurance planning its day planning its death planning attacks planning whittle highest tech in a country that's probably not going to change too much so it's really about attacks prudence and optimizing your tax exposures oil and and it you know it's nice to have a giant 401 k but it's not so much but the cash pile what can they create what the cash flow look like it's all about sustainable cash flow to potentially thirty or forty years where hopefully a lot of us will enjoy download a period of retirement so these are all issues that will go to cover we're going to get your insight on shielding on the political front on on the take another thirty thousand put you on where this economy's going and and then i'll i'll try and fillon worst what is john and mary do about the current state of the economy and their retirement planning in their estate planning insurance planning it cetera we've got a a whole lot of uh of examples but what i like most eight today here listeners bring real live stories and age share very hard moving issues that they're are struggling with and the audience really gets to hear this first hand and to participate in in a at a a discussion about some of those those challenges and there's nobody better to answer those questions a you path to g i mean i'm really excited to get together tomorrow night again at seven pm it's at the sheraton in sunnyvale tomorrow night september 28th is again.
"calpers" Discussed on Bloomberg Radio New York
"As affirm fisher and the resignation and then we heard reports yesterday swirling around that gary cohn was not going to be under consideration for the the fed chair and now we're hearing there are six candidates in these six candidates would be for a fed governor kevin war shh columbia university economist glenn hubbard stanford professor john taylor and then lawrence lindsey who is an advisor to george w bush and then richard davis hugh is the ex us bancorp ceo and former bbt chief john allison so those are the names that we're hearing out there today these six candidates that are said to be under consideration for the fed chief post near some pretty familiar names that for many and meanwhile let's also talk about two calpers it's talking to black rock about outsourcing is twenty six point two billion dollars in private equity investments walker's through the story as a black arkhan calpers are said to be in talks as what people familiar are telling us this com is the eyes calpers is looking to control fees and offset returns i have a characterize as anemic and calpers which is the largest us pension fund is saying to be in these talks with blackrock in that blackrock could possibly manage some of that twenty six point two billion or all of it and that's all this private equity investments so if this does play all i mean this would be a pretty big win for blackrock but as these people familiar that spoke to pull merck point out be discussions are very preliminary okay preliminary discussions that we will watch also face it's absolutely staggering this equity fax hack via extract says that it system to affected by a threemonth katie incident but it's affected half of the us population or half of its us consumers what do we know about it yeah this is this is quite significant effects is one of the three biggest us credit reporting agencies and said that about one hundred and forty three million of its us customers were affected in a cyber attack that it believes to be one of the largest any most intrusive in history of a social security numbers birthdays addresses these are all stolen and there are also another two hundred and nine thousand customers choose credit card numbers were access i'm that does not look very good this is a situation that.
"calpers" Discussed on KFI AM 640
"I mean just loved it i don't think so no that was not part of the high end job all right calpers this is the largest what is it i think it's the largest retired public employees system anywhere in the world i mean calpers uh there is some people get an annual pension one hundred thousand dollars or more i mean it's a lot of money saying okay that's fairly operational for god's sake him how many people the new that twenty three thousand that so many people can do that all 100 grand or more in retirement money in pension money and i i think it was the i forget his exact title i just to the story and i can't remember the exact title but he was a and catalyse provisory frein solano county and things like that four hundred thousand but that is outs the most awhile that's one guy and it's a there are two in la county get they get three hundred forty thousand i yeah i mean that that is that's a story what's i think a bigger story problematically users twenty three thousand people get north of hundreds daddy is huge and this is our tax dollars i think now if i'm not mistaken state employees do they pay into their own pension plan i think so okay so to that extent you can't argue with what they've paid absolutely lina but you can sure as hell argue as to how much tax dollars go in and says it's could could could to be a state employee for sure all right now two weeks after the.