Pension Fund Excellence: Creating Value for Stakeholders
Pension Fund Excellence: Creating Value for Stakeholders
“This is a landmark book on pension fund management. All those with a stake in building pension wealth will profit from this commonsense and clearly readable guide to improved pension fund performance.” —Burton G. Malkiel author of A Random Walk Down Wall Street and Chemical Bank Chairman’s Professor of Economics, Princeton University. “This is not just another book of theory about how pension funds should be managed, or about how one expert thinks an appropriate asset allocation should be determined. . . . There is keen analysis by Messrs. Ambachtsheer and Ezra, both of whom are veteran pension consultants noted for thinking outside the box.” —Michael J. Clowes, Editorial Director Pensions & Investments. “Keith Ambachtsheer and Don Ezra, two leading consultants, have written the most comprehensive handbook ever published on pension fund management. It’s must reading for all those in a fiduciary role.” —W. Allen Reed, President General Motors Investment Management Corp.
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Forbes Magazine July 21 2008 Your Tax Dollars at Work – The Real Estate Meltdown
Forbes Magazine July 21 2008 Your Tax Dollars at Work – The Real Estate Meltdown in State Pension Funds
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Review by Loyd E. Eskildson for Forbes Magazine July 21 2008 Your Tax Dollars at Work – The Real Estate Meltdown
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“The Other Real Estate Disaster” covers the impact of high-leveraged (eg. 70% average) falling real estate portfolios on state employee pension funds. Guess what – it’s not good! These “opportunity” (undefined) funds are virtually unregulated and their value often is unknown until liquidated. Getting information often requires filing Freedom of Information requests and a lot of patiencs, and even that may not be enough. Pension-fund managers often sign confidentiality agreements, and thirteen states have secrecy laws exempting private equity funds from disclosing returns. Finally, even if you do get information, it may not be accurate – often “gross” returns are reported.
Much of the rest of the “2008 International Investing Guide” offers recommended investments. However, a small convenience sampling reveals an overall loss of 48% from the Forbes recommendations to 11/16/2008.