CalPERS has rebounded to $300 Billion NOW in 2016. But lost $100 Billion under Read's leadership in 2008-9. What was the loss; 50% or more? This reminds me of all the "expert witnesses" that appeared before and were hired by the Alaska government and the oil companies and failed to predict or even consider $50/barrel oil in their wildest scenarios during the oil tax credit debates 2-3 years ago. Even when they are disastrously wrong, they still make the big bucks. The financial melt down beginning in 2008 had all the warning signs of a road construction project and not a one of them slowed down. In buying mortgage backed securities, they said "We did not know what we were buying".  Even though they produced the mortgage, sold it, packaged them together and then bought them back as securities.  As America declines, we must remember that these "big investors" like pension funds, are investing in developing countries with higher returns. But when they lose, we all pay the steep price.