On: Nevada’s public employee pension fund invests pass...

[mort96]

I mean it does mean that they don't have faith in their ability to beat the market on average across significant time spans.

[KptMarchewa → mort96]

Or, it's just that risk management isn't about faith.

[mort96 → KptMarchewa]

In my eyes, "we have sincere faith in our ability to sustain higher-than-market returns on average" and "our risk management calculations tell us that we will have beat the market on average with very high probability" are the same statement.