So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
You are a classic liberal idiot who has trouble with their maff and their honesty. CalPERS uses the Market Basis math because it is much more accurate over time. In other words, the accountants for the state aren't going to lie to themselves like idiots like you do.
I love when you post a link and don't take the time to read it you idiot.
From your link:
"The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities."
They are describing their use of Market Basis accounting. FFS you are a juvenile.
They got over 10% return on their investments last year. You really think 3% over time is reasonable? Besides, GASB standards dictate the rate to be used.
You don't look for facts, you look for affirmation.
This is like arguing with a 3 year old.
They had huge losses in the early 2000's and again gigantic losses 2008-2010. Over that decade the average return was lower than 2%. The reality is probably even worse as politicians in CA like to fake the numbers. It is bad for re-election chances if you publicize horrible losses in the CALPERS returns so the democrat leaders there lie by using fake liberal maff.
The cold hard facts are that the CALPERS system is unsustainable and is bankrupt. A ponzy scheme at this point. Even after all of this stock market rise, they CALPERS system is still so deep in unsecured debt it will never get out whole. So, you idiot, that means that when the market goes down, and it will, it always does, it is going to further kill the ponzy scheme that now is CALPERS.
Is Calpers only a 10 year plan now? Do you really think they only invest in US stock market equities? The financial statements are online, you can see everything and they're assumptions.
If you are only getting 3% return on your investments over time, good luck in retirement. You are barely keeping pace with inflation.
Is it only a one year plan? You’re basing your objection to a 3% discount rate because of a 10% return in one year. Do you believe there are no negative years? Do you not think there are constraints to the investment types a pension plan can participate in? I bet all the high risk, high reward stocks are forbidden and, conversely, I bet there’s a minimum amount of low risk, low yield bonds that are mandated. Al of this will lower the rate of return below any index rate of return.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
Whoever this hondo guy is, he is a gigantic idiot. He is trying to argue against the experts and he clearly does not understand investments over time.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
Whoever this hondo guy is, he is a gigantic idiot. He is trying to argue against the experts and he clearly does not understand investments over time.
Three percent is not the actuarial rate of return. Jumping and up and down like a hysterical lunatic doesn’t make your asinine “analysis” true. Maybe you can post additional op-Eds from the OC register or Dan Walters to make yourself feel better?
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
You are a classic liberal idiot who has trouble with their maff and their honesty. CalPERS uses the Market Basis math because it is much more accurate over time. In other words, the accountants for the state aren't going to lie to themselves like idiots like you do.
I love when you post a link and don't take the time to read it you idiot.
From your link:
"The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities."
They are describing their use of Market Basis accounting. FFS you are a juvenile.
They got over 10% return on their investments last year. You really think 3% over time is reasonable? Besides, GASB standards dictate the rate to be used.
You don't look for facts, you look for affirmation.
This is like arguing with a 3 year old.
They had huge losses in the early 2000's and again gigantic losses 2008-2010. Over that decade the average return was lower than 2%. The reality is probably even worse as politicians in CA like to fake the numbers. It is bad for re-election chances if you publicize horrible losses in the CALPERS returns so the democrat leaders there lie by using fake liberal maff.
The cold hard facts are that the CALPERS system is unsustainable and is bankrupt. A ponzy scheme at this point. Even after all of this stock market rise, they CALPERS system is still so deep in unsecured debt it will never get out whole. So, you idiot, that means that when the market goes down, and it will, it always does, it is going to further kill the ponzy scheme that now is CALPERS.
Is Calpers only a 10 year plan now? Do you really think they only invest in US stock market equities? The financial statements are online, you can see everything and they're assumptions.
If you are only getting 3% return on your investments over time, good luck in retirement. You are barely keeping pace with inflation.
Is it only a one year plan? You’re basing your objection to a 3% discount rate because of a 10% return in one year. Do you believe there are no negative years? Do you not think there are constraints to the investment types a pension plan can participate in? I bet all the high risk, high reward stocks are forbidden and, conversely, I bet there’s a minimum amount of low risk, low yield bonds that are mandated. Al of this will lower the rate of return below any index rate of return.
Go to page 60. You are wrong when it comes to their investments.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
JFC. Is there one single trumptard in the universe that can actually read an audited financial statement? Thanks for contributing another opinion piece to the trash heap of painstaking “analysis” from the other retards that have already posted.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
Don't believe me. Read the actual audited financial statements. Audited by KPMG.
The picosecond tech companies let employees work remotely they flock to Utah, Washington, etc in droves. "Skilled" employees can't wait to get the fuck off of California's income tax and dive into Oregon's.
There is a lot to respect about the state but it's a complete shit hole for the middle class/upper middle class.
The California govt were geniuses for locating it on the majority of the west coast.
California does well in spite of those fuckers not because of them
THIS
They were even so forward thinking that they capitalized on 3/5 Major Pacific ports. Genius!
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
Don't believe me. Read the actual audited financial statements. Audited by KPMG.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
Don't believe me. Read the actual audited financial statements. Audited by KPMG.
The cities of San Bernardino, Stockton and Vallejo (with San Diego not far behind) have all gone bankrupt and cited the costs of funding CALPERS as the #1 culprit. But these idiots Hondo and cirrhosis like to ignore the facts.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
Don't believe me. Read the actual audited financial statements. Audited by KPMG.
The cities of San Bernardino, Stockton and Vallejo (with San Diego not far behind) have all gone bankrupt and cited the costs of funding CALPERS as the #1 culprit. But these idiots Hondo and cirrhosis like to ignore the facts.
Like I said, its like arguing with 3 year olds.
You don’t have a clue what you’re talking about. Keep going with this though. It’s good for your brand
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
Don't believe me. Read the actual audited financial statements. Audited by KPMG.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
Don't believe me. Read the actual audited financial statements. Audited by KPMG.
You haven’t read them
I only linked to the audited financials and pointed to the page where they list their investment by risk level. Did you not read the thread?
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
Don't believe me. Read the actual audited financial statements. Audited by KPMG.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
GASB standards and the historical return on the plan make me think the 3% rate is wrong. There's very technical calculations required by the accounting standards, that are prepared by knowledge people at the TPA and audited by CPAs. What you read was a link that was in a link provided by Mike that I'm mocking. Cause his news source, and what you quote, are shit.
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
Don't believe me. Read the actual audited financial statements. Audited by KPMG.
You haven’t read them
I only linked to the audited financials and pointed to the page where they list their investment by risk level. Did you not read the thread?
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
You are a classic liberal idiot who has trouble with their maff and their honesty. CalPERS uses the Market Basis math because it is much more accurate over time. In other words, the accountants for the state aren't going to lie to themselves like idiots like you do.
I love when you post a link and don't take the time to read it you idiot.
From your link:
"The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities."
They are describing their use of Market Basis accounting. FFS you are a juvenile.
They got over 10% return on their investments last year. You really think 3% over time is reasonable? Besides, GASB standards dictate the rate to be used.
You don't look for facts, you look for affirmation.
This is like arguing with a 3 year old.
They had huge losses in the early 2000's and again gigantic losses 2008-2010. Over that decade the average return was lower than 2%. The reality is probably even worse as politicians in CA like to fake the numbers. It is bad for re-election chances if you publicize horrible losses in the CALPERS returns so the democrat leaders there lie by using fake liberal maff.
The cold hard facts are that the CALPERS system is unsustainable and is bankrupt. A ponzy scheme at this point. Even after all of this stock market rise, they CALPERS system is still so deep in unsecured debt it will never get out whole. So, you idiot, that means that when the market goes down, and it will, it always does, it is going to further kill the ponzy scheme that now is CALPERS.
Is Calpers only a 10 year plan now? Do you really think they only invest in US stock market equities? The financial statements are online, you can see everything and they're assumptions.
If you are only getting 3% return on your investments over time, good luck in retirement. You are barely keeping pace with inflation.
Is it only a one year plan? You’re basing your objection to a 3% discount rate because of a 10% return in one year. Do you believe there are no negative years? Do you not think there are constraints to the investment types a pension plan can participate in? I bet all the high risk, high reward stocks are forbidden and, conversely, I bet there’s a minimum amount of low risk, low yield bonds that are mandated. Al of this will lower the rate of return below any index rate of return.
Go to page 60. You are wrong when it comes to their investments.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
You are a classic liberal idiot who has trouble with their maff and their honesty. CalPERS uses the Market Basis math because it is much more accurate over time. In other words, the accountants for the state aren't going to lie to themselves like idiots like you do.
I love when you post a link and don't take the time to read it you idiot.
From your link:
"The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities."
They are describing their use of Market Basis accounting. FFS you are a juvenile.
They got over 10% return on their investments last year. You really think 3% over time is reasonable? Besides, GASB standards dictate the rate to be used.
You don't look for facts, you look for affirmation.
This is like arguing with a 3 year old.
They had huge losses in the early 2000's and again gigantic losses 2008-2010. Over that decade the average return was lower than 2%. The reality is probably even worse as politicians in CA like to fake the numbers. It is bad for re-election chances if you publicize horrible losses in the CALPERS returns so the democrat leaders there lie by using fake liberal maff.
The cold hard facts are that the CALPERS system is unsustainable and is bankrupt. A ponzy scheme at this point. Even after all of this stock market rise, they CALPERS system is still so deep in unsecured debt it will never get out whole. So, you idiot, that means that when the market goes down, and it will, it always does, it is going to further kill the ponzy scheme that now is CALPERS.
Is Calpers only a 10 year plan now? Do you really think they only invest in US stock market equities? The financial statements are online, you can see everything and they're assumptions.
If you are only getting 3% return on your investments over time, good luck in retirement. You are barely keeping pace with inflation.
Is it only a one year plan? You’re basing your objection to a 3% discount rate because of a 10% return in one year. Do you believe there are no negative years? Do you not think there are constraints to the investment types a pension plan can participate in? I bet all the high risk, high reward stocks are forbidden and, conversely, I bet there’s a minimum amount of low risk, low yield bonds that are mandated. Al of this will lower the rate of return below any index rate of return.
Go to page 60. You are wrong when it comes to their investments.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
You are a classic liberal idiot who has trouble with their maff and their honesty. CalPERS uses the Market Basis math because it is much more accurate over time. In other words, the accountants for the state aren't going to lie to themselves like idiots like you do.
I love when you post a link and don't take the time to read it you idiot.
From your link:
"The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities."
They are describing their use of Market Basis accounting. FFS you are a juvenile.
They got over 10% return on their investments last year. You really think 3% over time is reasonable? Besides, GASB standards dictate the rate to be used.
You don't look for facts, you look for affirmation.
This is like arguing with a 3 year old.
They had huge losses in the early 2000's and again gigantic losses 2008-2010. Over that decade the average return was lower than 2%. The reality is probably even worse as politicians in CA like to fake the numbers. It is bad for re-election chances if you publicize horrible losses in the CALPERS returns so the democrat leaders there lie by using fake liberal maff.
The cold hard facts are that the CALPERS system is unsustainable and is bankrupt. A ponzy scheme at this point. Even after all of this stock market rise, they CALPERS system is still so deep in unsecured debt it will never get out whole. So, you idiot, that means that when the market goes down, and it will, it always does, it is going to further kill the ponzy scheme that now is CALPERS.
Is Calpers only a 10 year plan now? Do you really think they only invest in US stock market equities? The financial statements are online, you can see everything and they're assumptions.
If you are only getting 3% return on your investments over time, good luck in retirement. You are barely keeping pace with inflation.
Is it only a one year plan? You’re basing your objection to a 3% discount rate because of a 10% return in one year. Do you believe there are no negative years? Do you not think there are constraints to the investment types a pension plan can participate in? I bet all the high risk, high reward stocks are forbidden and, conversely, I bet there’s a minimum amount of low risk, low yield bonds that are mandated. Al of this will lower the rate of return below any index rate of return.
Go to page 60. You are wrong when it comes to their investments.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
You are a classic liberal idiot who has trouble with their maff and their honesty. CalPERS uses the Market Basis math because it is much more accurate over time. In other words, the accountants for the state aren't going to lie to themselves like idiots like you do.
I love when you post a link and don't take the time to read it you idiot.
From your link:
"The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities."
They are describing their use of Market Basis accounting. FFS you are a juvenile.
They got over 10% return on their investments last year. You really think 3% over time is reasonable? Besides, GASB standards dictate the rate to be used.
You don't look for facts, you look for affirmation.
This is like arguing with a 3 year old.
They had huge losses in the early 2000's and again gigantic losses 2008-2010. Over that decade the average return was lower than 2%. The reality is probably even worse as politicians in CA like to fake the numbers. It is bad for re-election chances if you publicize horrible losses in the CALPERS returns so the democrat leaders there lie by using fake liberal maff.
The cold hard facts are that the CALPERS system is unsustainable and is bankrupt. A ponzy scheme at this point. Even after all of this stock market rise, they CALPERS system is still so deep in unsecured debt it will never get out whole. So, you idiot, that means that when the market goes down, and it will, it always does, it is going to further kill the ponzy scheme that now is CALPERS.
Is Calpers only a 10 year plan now? Do you really think they only invest in US stock market equities? The financial statements are online, you can see everything and they're assumptions.
If you are only getting 3% return on your investments over time, good luck in retirement. You are barely keeping pace with inflation.
Is it only a one year plan? You’re basing your objection to a 3% discount rate because of a 10% return in one year. Do you believe there are no negative years? Do you not think there are constraints to the investment types a pension plan can participate in? I bet all the high risk, high reward stocks are forbidden and, conversely, I bet there’s a minimum amount of low risk, low yield bonds that are mandated. Al of this will lower the rate of return below any index rate of return.
Go to page 60. You are wrong when it comes to their investments.
So Cirrho never addressed the poverty issue in CA and played the "I don't see them in my neighborhood so it doesn't exist" ignorance is bliss defense. Gets racist in his descriptions of other states and clearly has no idea that his state has more liabilities than it will ever be able to cover.
I think Cirrho won the argument. Who is with me? LOL
Rent seeking off the “California is essentially bankrupt” crowd is the favorite part of my work.
Did you get ahold of the OC register to bust their balls?
You are a classic liberal idiot who has trouble with their maff and their honesty. CalPERS uses the Market Basis math because it is much more accurate over time. In other words, the accountants for the state aren't going to lie to themselves like idiots like you do.
I love when you post a link and don't take the time to read it you idiot.
From your link:
"The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities."
They are describing their use of Market Basis accounting. FFS you are a juvenile.
They got over 10% return on their investments last year. You really think 3% over time is reasonable? Besides, GASB standards dictate the rate to be used.
You don't look for facts, you look for affirmation.
This is like arguing with a 3 year old.
They had huge losses in the early 2000's and again gigantic losses 2008-2010. Over that decade the average return was lower than 2%. The reality is probably even worse as politicians in CA like to fake the numbers. It is bad for re-election chances if you publicize horrible losses in the CALPERS returns so the democrat leaders there lie by using fake liberal maff.
The cold hard facts are that the CALPERS system is unsustainable and is bankrupt. A ponzy scheme at this point. Even after all of this stock market rise, they CALPERS system is still so deep in unsecured debt it will never get out whole. So, you idiot, that means that when the market goes down, and it will, it always does, it is going to further kill the ponzy scheme that now is CALPERS.
Is Calpers only a 10 year plan now? Do you really think they only invest in US stock market equities? The financial statements are online, you can see everything and they're assumptions.
If you are only getting 3% return on your investments over time, good luck in retirement. You are barely keeping pace with inflation.
Is it only a one year plan? You’re basing your objection to a 3% discount rate because of a 10% return in one year. Do you believe there are no negative years? Do you not think there are constraints to the investment types a pension plan can participate in? I bet all the high risk, high reward stocks are forbidden and, conversely, I bet there’s a minimum amount of low risk, low yield bonds that are mandated. Al of this will lower the rate of return below any index rate of return.
Go to page 60. You are wrong when it comes to their investments.
Comments
The use of this discount rate here is intended, as most financial economists agree, to more closely represent market realities and system liabilities.
That's from your own link about the market basis. So if the experts agree that a 3% rate is appropriate for the pension's investments, on what basis do you disagree with them? I would wager that they know more about their investment holdings and expected returns than you do.
https://www.calpers.ca.gov/docs/forms-publications/cafr-2018.pdf
As for the 7 percent investment assumption, many like to cherry-pick the pension system’s past years of strong performance returns to justify the forecast.
But, Yu Ben Meng, CalPERS newly appointed chief investment officer, told his board last month that over the past 10 years and past 20 years, the system had fallen short of the 7 percent mark. Moreover, he said, market conditions make hitting that target in the future even more challenging.
Reaching that target requires making riskier investments, with greater upside potential and, of course, greater downside peril. It’s risk that an already underfunded pension system cannot afford to take.
And that ‘link within a link’ that you mock is a pension tracker run by the Stanford Institute for Economic Policy Research. I’m sure you’re much smarter and more informed than them.
THIS
They were even so forward thinking that they capitalized on 3/5 Major Pacific ports. Genius!
Like I said, its like arguing with 3 year olds.