On: NYC Pension Earns $40M Over 10 Years, Pays Fund Managers $2B

[VikingCoder]

Again, they can't simultaneously be in the "most sophisticated" class, and "idiotic."

Unless your assertion is "even the most sophisticated investors can be idiotic."

I'd say "idiotic" should be upgraded to "colossally idiotic." $40M earnings on $160B in 10 years?

So, what do you think?

[downandout → VikingCoder]

I don't think that the pension managers were sophisticated, but rather were idiots. They went to world class bankers to deal with the money, who did a world class job of creating an awesome fee structure for themselves.

[VikingCoder → downandout]

So then who put idiots in charge of a $160B pension? And why did they do it?

Not expecting an answer from you - I'm saying these become the questions I want answers to.