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Bill Leonard

Investments Lacking in California

The Sacramento Bee published a story on PERS investments in California They focused on who PERS likes but I found it interesting that their portfolio appears to be California short. If you believe PERS numbers they claim $17 billion of California investments in a $200 billion fund. That is 8 1/2%. If California is 12% of the nation’s economy that number should be higher. In fact it should be ok for them to show some local pride and even invest more in California. The only other explanation is that PERS has invested large amounts in foreign corporations that do not do business in California at all. Either way it shows that conservatives may be onto something when they decry the current California business climate. PERS may just be prudent to not over invest in their home state because its not the best investment. That is sad.