Just this week the Caisse announced annual returns 3% less than OMERS.  Returns have lagged the other big funds like Teachers and AIMCo over long periods too.  The CPP post results on a March 31 calendar that makes comparison harder.

Sabia has not been an investment success, perhaps a political one and at the Caisse that might be enough.  He is well known to be a slow and plodding decision maker who misses opportunities due to inaction.  

The CDP lost money in the crisis as each silo, encouraged to maximize returns at the silo level, ended up in subprime. - no group more famously than the treasury group who we neck deep in ABCP.

Sabia's response was to eliminate complexity.  To some this may seem rational, but to do so implies a return to index funds and low overhead.  Clearly, this did not happen .  What would have been better would beto build  enterprise wide risk management and investment allocation processes.

Now his mantra is about owning good businesses, a meaningless slogan.