To Hedge or Not To Hedge?
September 23rd, 2009
We are getting mixed signals from the industry this week. First, on Monday P&I reported that CalPERS decided to discontinue their equity hedging overlay program which caused the plan to lose almost $1B in a year.
http://www.pionline.com/article/20090921/PRINTSUB/309219966/1031/TOC
The message here is that hedging proved to be a tricky business even for CalPERS.
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