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Article: Trail to pension fund excellence
- Article from:
- Pensions & Investments
- Article date:
- July 27, 1998
- Author:
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Copyright informationCOPYRIGHT 1998 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Barry B. Burr
In his book 'Into Thin Air' Jori Krakauer mentions the derision some accomplished mountaineers have nowadays for climbing expeditions to Mount Everest. They call it a 'yak trail,' a contemptuous term used to criticize a climb that has become too familiar - paths laid out and ladders, pitons, and ropes already in place on many ice cliffs and rock faces. The mountain has lost its challenge to climbers, so the scorn goes. Almost anyone can do it.
Pension funds, in analogous terms, represent with their collective pile of cash the Everest of capital management. Has managing a pension fund become a sort of yak trail? The path seems familiar: a 60-40 ...
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