"Happy 89th birthday (June 30) to Thomas Sowell, one of the greatest living economists"
"On Toxic Femininity"

"Public Pension Funds Moved Into Riskier Assets"

This is absolutely, utterly disgraceful.

There is one other key reason public pension funds have transitioned to riskier assets. States have passed laws exempting state government pension plans from the standards that private pension plans are held to. These public pension plans are permitted to use generous assumptions about risk that are not permitted in the private sector. So while public pensions have moved into objectively riskier assets, they haven’t been forced to account for that risk.