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jerryking : pension_funds   10

Roger Ferguson of TIAA-CREF: Always Act as if You’re an Owner - NYTimes.com
NOV. 29, 2014 | NYT | Adam Bryant.
Is there a value on your list that is particularly important to you?

One is about personal accountability. One of the phrases I use is that if you owned this company, what would you do? And if your colleagues were owners, what would you want them to do?

What are your best interview questions?

What do you do with your free time? I’m listening for somebody who is a little more balanced. I’m always asking about team experiences, and about resilience and fortitude. How did you recover from setbacks? What did you do? I like to hear stories, and concrete examples.

What career and life advice do you give to graduating college students?

You have to be prepared to take some risks and maybe fail a little bit. Don’t make the same mistake over and over again, but don’t be afraid of making any mistakes. Because your career is like a climbing wall, not a ladder, and you don’t know where it’s going to end up. You have to be a continuous learner as you go up the wall.
money_management  pension_funds  setbacks  CEOs  African-Americans  McKinsey  Managing_Your_Career  advice  new_graduates  values  accountability  interviews  TIAA-CREF  Harvard  owners 
december 2014 by jerryking
White House to Begin $10 Billion Rural Investment Fund - NYTimes.com
By ALEXANDRA STEVENSON JULY 24, 2014

The White House Rural Council will announce plans on Thursday to start a $10 billion investment fund that will give pension funds and large investors the opportunity to invest in agricultural projects. Those include wastewater systems, energy projects and infrastructure development in rural America.

“We’re the eHarmony.com of infrastructure and business investment,”...The move comes as pension funds and institutional investors, faced with few investment opportunities that yield high returns in the face of low interest rates, have begun to shift large amounts of money into less traditional investments that promise bigger returns like hedge funds and private equity firms.
farmland  agriculture  agribusiness  rural  alternative_investments  private_equity  infrastructure  investing  energy  wastewater-treatment  institutional_investors  pension_funds 
july 2014 by jerryking
World’s largest asset manager rails against companies’ short-term thinking - The Globe and Mail
BOYD ERMAN
The Globe and Mail
Published Friday, May. 23 2014,

...Mr. Fink is worried that the great tide of economic growth is not rising as quickly as it could be because of persistent and pernicious short-term thinking. Everyone from Main Street to Wall Street to Pennsylvania Avenue is too focused on near-term waves to pay attention to what the overall water level is doing.

Blogs, polls, the story of the moment – that is what drives peoples’ thinking, he says. That means investment decisions and political moves are based on what’s happening now, and not long-term goals. The economy will bear the cost of this short-term obsession, and so will investors, Mr. Fink warns. He would like to see big changes in everything from accounting to corporate governance to government spending priorities, to reset the focus on more distant horizons....“We need executives in business to start focusing on what is right in the long run,” ...“Societies are having a hard time, politically and economically, adjusting to the immediacy of information: The 24/7 news cycle, blogs, the instantaneous information. It’s very hard. This is one of the things where we are developing a crisis.”...Mr. Fink is particularly frustrated with the lionization of activist investors in the media. Think Bill Ackman, Carl Icahn and others who push for changes that will lead to an immediate runup in the stock price,....Similarly, he is critical of accounting rules that push insurance companies to invest in shorter-term assets, rather than long-term projects such as infrastructure. “Everything is leading toward an underinvestment in infrastructure and an underinvestment in capital expenditures.”...In 1999, the company went public. It has grown incredibly fast ever since. It manages money for everyone from retail investors to pension plans. During the financial crisis, the U.S. Treasury hired BlackRock to run assets in the Troubled Asset Relief Program, and the Bank of Greece hired the company to help fix the country’s banking system. (Model for WaudWare?)
BlackRock  Laurence_Fink  asset_management  long-term  Boyd_Erman  Wall_Street  delayed_gratification  thinking  strategic_thinking  Communicating_&_Connecting  CEOs  money_management  shareholder_activism  immediacy  insurance  infrastructure  CAPEX  short-term  short-term_thinking  financial_pornography  pension_funds  underinvestments  noise  pay_attention 
may 2014 by jerryking
Pension Funds Sue on a Deal Gone Cold - NYTimes.com
February 24, 2014, 9:51 pm
Pension Funds Sue on a Deal Gone Cold
By RACHEL ABRAMS
Wall_Street  African-Americans  hedge_funds  litigation  Buddy_Fletcher  pension_funds 
february 2014 by jerryking
Carlyle Group buys Toronto alternative asset manager - The Globe and Mail
Nov. 26 2013 | The Globe and Mail | Boyd Erman.
U.S. private equity behemoth Carlyle Group LP is buying a Toronto-based asset manager that specializes in picking hedge funds for huge institutional investors, yet another sign of Canada’s growing influence in the business of running alternative assets.

Carlyle said Tuesday that it has agreed to buy Diversified Global Asset Management Corp., an employee owned firm that oversees assets of $6.7-billion (U.S.), for about $103-million

DGAM’s specialty is advising large investors such as pension funds and sovereign wealth funds on how to use hedge fund strategies to manage risk and increase returns.

Canada, particularly Toronto, has a reputation as a top centre for money management in pension circles, with institutions such as Ontario Teachers’ Pension Plan and Canada Pension Plan Investment Board running complex strategies using alternative investments – essentially, in-house hedge funds. DGAM helps clients do the same thing by building custom portfolios of hedge funds and investments.
Carlyle_Group  private_equity  Toronto  investors  pension_funds  sovereign_wealth_funds  alternative_investments  Boyd_Erman  asset_management  OTPP  CPPIB  money_management  risk-management  institutional_investors 
november 2013 by jerryking
The Long, Sorry Tale of Pension Promises - WSJ.com
September 20, 2013 | WSJ | By ROGER LOWENSTEIN

The Long, Sorry Tale of Pension Promises
How did states and cities get into this mess? It's a simple case of human frailty; where to go from here

Pension benefits aren't paid out of thin air; sponsors are supposed to set aside a sum of money proportional to the benefits that will eventually come due. If the money is invested prudently, the fund will have enough assets to meet its obligations.

Here's the rub: While Studebaker was nominally increasing benefits, it hadn't the slightest hope of making the requisite contributions. The "increases" were a fiction, but when you have no cash, promising future benefits is the best you can do, whereas raising salaries is out of the question. The United Auto Workers was complicit in this fiction. Union officials reckoned that it was better to tell the members they had won an "increase" rather than to admit that their employer was going bust.....Public pensions—and here we come back to our current straits—replicated this behavior. Cops, firefighters and teachers had pensions well before most private-sector workers, but benefits weren't so high as to cause a problem, since government employers unilaterally set benefit levels (as well as salaries) without resorting to anything as unpleasant as collective bargaining....Before we get more Detroits, or more Studebakers, the federal government should enact an Erisa (with teeth) for public employers. More simply, it could announce that local governments that fail to make timely and adequate contributions to their pension plans would lose the right to sell bonds on a tax-free basis. That would get their attention.

The point isn't to punish public retirees. The point is that, when governments make contractual promises, they ought to fund them.
pension_funds  Roger_Lowenstein  liabilities  human_frailties  unions  public_sector  public_servants  public_pensions 
september 2013 by jerryking
Prudential Research Model May Have Been a Dinosaur
June 8, 2007 | WSJ | Scott Patterson.

The decision by Prudential Financial PRU +0.70% to close its stock-research arm doesn't mean research is doomed, but it does signal an important shift. Deep-pocketed investors such as pension funds and hedge funds are hungry for exclusive, specialized research that can give them an edge over competition.

Experts say Prudential's research had become too widely distributed to draw enough interest, or dollars.

"The notion of widespread dissemination of a recommendation, that model is 40 years old," said Mike Thompson, director of research at Thomson Financial. "If you talk to the hedge funds, what they want are ideas that are actionable that not everyone gets."

The trend has given rise to independent, specialized research outfits. There are 63 independent research firms today, up from 14 in 2000, according to Thomson Financial.
equity_research  Wall_Street  investment_research  hedge_funds  pension_funds  exclusivity  nonpublic  slight_edge  proprietary  hard_to_find  novelty  interestingness  actionable_information 
february 2013 by jerryking
Venture Capital Investors, Lesson Learned, Do More Homework - NYTimes.com
By CLAIRE CAIN MILLER
August 9, 2011

the market for investing in tech start-ups remains white-hot. Still,
some investors are proceeding with extreme caution.

Saying they learned their lesson in the dot-com boom and bust, and the
2008 recession, the institutional investors — pension funds, university
endowments and foundations — that put money in venture capital funds are
more selectively choosing the firms in which they invest, doing
exhaustive research before handing over money, and in some cases driving
hard bargains for more favorable management fees and shares of profits.
cautionary_tales  venture_capital  vc  limited_partnerships  due_diligence  investment_research  Claire_Cain_Miller  institutional_investors  selectivity  pension_funds  endowments  foundations  lessons_learned  bubbles  economic_downturn 
august 2011 by jerryking

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