Submitted by Eric Peters, CIO of One River Asset Management
America’s state pension plans were underfunded by $1.35trln in 2016. The S&P 500’s +19% rally in 2017 helped reduce the underfunding to $1.26trln. But by the end of 2018, the gap had grown to a new $1.5trln high. It didn’t help that in 2018, every major asset class underperformed US Treasury Bills (that only happened at the outset of WWI, the Great Depression, and under Paul Volcker). You see, the average state pension...
Read this story at Zero Hedge