Great Investment Articles
A repository of great articles to help make informed investment decisions.Tuesday, August 08, 2006
U.S.'s largest pension fund sees a future in commodities
The financial wizard hired to invest billions of dollars for the state pension system is about to take the nation's largest pension fund where it's never gone before: into commodities.
Undeterred is Russell Read, who is taking over investments for the $208-billion California Public Employees' Retirement System. He thinks the risks are worth the potential payoff.
"We believe commodities are an important asset class that is likely to represent a core investment for our fund," Read said, choosing his words carefully during an interview in CalPERS' new $265-million headquarters building.
Read said he expected to begin putting his strategy in place at a September workshop on commodities trading with CalPERS' 13-member board.
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