“In fact, the nation's biggest investment pools are the retirement funds of the large corporations and governmental bodies, such as the California Public Employees Retirement System (CALPERS), which manages an astounding $170 billion. These plans receive a level of professional management that even the nations wealthiest investors can only dream of.”

Source: The Four Pillars of Investing (2002), Chapter 3, The Market Is Smarter Than You Are, p. 85.

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William J. Bernstein29

economist 1948

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