Thursday, January 18, 2018


President Trump has now brought attention to poverty.  Being politically correct buried the story. Continuation of the problem is allowing it to get worse.  The six poorest countries in the world are all in Africa. They are Burundi, Niger, Malawi, Gambia, Liberia and Congo Kinshasa which were all European colonies. 

Tuesday, January 9, 2018


For years I wanted to write about Calpers. I just never got around to it. It epitomizes one of the things that have been wrong in the investment arena.

Calpers had several hundred billion dollars under management for California state employees. They have long made a practice of complaining about corporate managements who their investment personnel thought were not managing their companies effectively.

The people who made these complaints knew next to nothing about managing companies. They were concerned with self serving publicity. Many of us have known for years that if Calpers had been held accountable for their own mismanagement of the investments under their areas of responsibility, the beneficiaries of Calpers assets might have been rewarded.

The New York Times ran an article today stating that Calpers lost about a quarter of their total investment portfolio during the last few years. Investment professionals will best serve their clients if they stick to money management and not corporate management, which is usually used to serve as a total distraction from their own lack of money management skills.

Shepard Osherow. All Rights Reserved