"From the standpoint of pension funds and endowments, the current profile of expected returns is of great concern, given that few corporations, states, universities or charitable foundations have lowered their long-term return assumptions from the 7.5%-9.5% range. This means that we're likely to observe increasing budgetary strains from underfunded pensions and endowments in the years ahead. Much of this is thanks to policies that have regularly aimed to distort valuations and have needlessly encouraged the allocation of scarce savings toward inefficient and often reckless uses."
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