Archive | September, 2009

To Hedge or Not To Hedge?

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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