culture, politics, commentary, criticism

Tuesday, November 27, 2007
No border fence for emigrating money. The smartest money managers are waking up to the fact that, when it comes to investments, the USA is rapidly becoming a loser (
As the U.S. stock market struggles, it is facing another head wind: Some of the nation's most powerful investors are unloading shares in a big way.

Several of the largest public pension funds have been selling billions of dollars held in U.S. stocks, and others are expected to join in. In most cases these actions are unrelated to the recent market jitters, though worries about the economy, the weakening dollar and the credit crisis could be accelerating these moves. [...]

The more sophisticated money managers at endowments devote only about 15% to 25% of their assets to domestic stocks, compared with 35% to 50% at large public pension funds, Ms. Steer said. But over the next few years, she expects the figure for pension funds to drift lower, with the more aggressive ones placing only 25% of their investments in U.S. stocks. Even the conservative funds, she said, eventually will have less than half of total assets in U.S. stocks.

The Teacher Retirement System of Texas holds a $56.7 billion position in U.S. stocks. It plans to halve that position over the next two to four years so U.S. stocks will fall to just 25% of the portfolio. [...]

In Florida, the Retirement System Pension Plan examined the potential returns, relative to perceived risk, for U.S. stocks versus other investments. The $136 billion pension fund decided to cut its target for domestic stocks to 38%, from 48% in 2003, during the previous investment revision. At the same time, the fund raised its targets for foreign stocks, bonds and private equity.
Even Texas and Florida, which both had the benefit of genius governors named Bush, are buying foreign.

Nice to know the grown-ups are in charge while the USA flushes itself down the subprime, plunging dollar, penny-stock economic toilet.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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