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Financial Times/Billy Nauman/8-21-2020
“The fund pays better than most. As chief investment officer, Mr. Meng made about $700,000 a year and was eligible for a performance bonus of $1m-plus, according to Calpers. But in exchange for that pay cheque, the new chief investment officer will enter a political pressure cooker and face the mighty task of delivering 7 percent returns year after year.”
USAGOLD note: What financial wizard can conjure a consistent year over year 7% gain in a 0% world? As posted in Monday’s DMR, thus far this year, the Dow Jones Industrial Average is down 3.25%. Over the past twelve months, it is down 6.5%.