If viewed in a certain way, this is quite impressive
"Wilshire Consulting reported last year that CalPERS’s returns--Newmark: CalPERS is the California Public Employees’ Retirement System, the nation's largest pension fund for government employees, with about $230 billion in assets--over the past five years have trailed those of 99 percent of large public pension funds."
Sure, somebody has to be last. But the super-smart, Progessive-minded management of CalPERS? Who woulda guessed?