Podcasts about CalSTRS

Host Brian Walsh takes up ImpactAlpha's top stories with editor David Bank. Up this week: Unsolicited advice for the Gates Foundation following the announcement that it would increase its giving and spend down its endowment by 2045; How California's massive public pension funds find alpha in emerging fund managers (09:45); And, glimmers of hope for blended finance in the face of a global foreign aid pullback (15:27).Story links:“⁠Impermanence is the future: Four unsolicited ideas for sunsetting the Gates Foundation⁠,” by Gary Community Ventures' Santhosh Ramdoss“⁠CalPERS and CalSTRS find alpha in emerging managers that have earned ‘the right to win'⁠,” by David Bank and Roodgally Senatus"⁠Blended finance loses a big investor and some of its steam⁠," by Jessica Pothering

UTLA Members Call for CalSTRS Divestment form Genocide https://www.counterpunch.org/2025/04/02/retire-genocide-say-la-teachers/ #peoplearerevolting twitter.com/peoplerevolting Peoplearerevolting.com movingtrainradio.com

Rewilding Bighorn sheep reintroduced to Franklin Mountains in major conservation effort https://www.ktsm.com/news/bighorn-sheep-reintroduced-to-franklin-mountains-in-major-conservation-effort/ Drawdown World's First Carbon Capture Plant Powered Directly by Wind Planned https://www.scientificamerican.com/article/worlds-first-carbon-capture-plant-powered-directly-by-wind-planned/ Al Gore's Just Climate fund raises $175M from Microsoft and CalSTRS for nature-based climate investments https://techcrunch.com/2025/03/18/al-gores-just-climate-fund-raises-175m-from-microsoft-and-calstrs-for-nature-based-climate-investments/

Tisha Schuller welcomes Nile Garritson, portfolio manager at CalSTRS, to the Energy Thinks podcast. Tisha and Nile met when they co-spoke on “The Evolution of ESG” panel at the Barclay's Energy CEO conference in September 2024. CalSTRS is the California State Teachers' Retirement System. Founded in 1913, CalSTRS manages one of the largest pension funds in the U.S., serving over 1 million members, including teachers and education staff across California. Nile has a long track record investing in the energy industry, with experience in fundamental research and a focus on low-carbon and net-zero solutions. Nile received a bachelor's degree and an MBA from the University of Southern California. Watch the video on YouTube to see Tisha and Nile discuss The Moment. Subscribe here for Tisha's weekly Both of These Things Are True email newsletter. Follow all things Adamantine Energy at www.energythinks.com. Thanks to Kayla Chieves who makes the Energy Thinks podcast possible. [Interview recorded on October 31, 2024]

Our guest for today's podcast is Glenn Hosokawa, Director of Fixed Income at CalSTRS.  After over 25 years serving CalSTRS, Glenn will be retiring at the end of August 2024 and riding off into the sunset.  If you google or search for Glenn's biography, you won't be able to find anything.  I tried.  Glenn is as old school as they come and doesn't have a social media profile.   For those that know Glenn, he is credited for building a world class Fixed Income investment division at one of the most admired places to work.  Glenn isn't looking for any accolades as he just enjoyed coming in, day in day out, working hard to generate returns to help secure the retirement benefits of all the great teachers that serve the State of California.  Great mission, great guy, great career.   So who is Glenn and what is he known for?  Well, Glenn was gracious enough to share his story with me and my guest co-host Sylvia Owens from Kennedy Lewis Investment Management.     Without further ado, here is our conversation with Glenn Hosokawa. 

Today's episode is a follow-up to our first “best of” compilation in celebration of our 2-year anniversary as the SRI360 podcast. I'm highlighting some of my favorite and most interesting responses from one of the most popular questions in my interviews.Tune in to hear what these world-class investors in sustainable and responsible investing had to say.This episode features:François Bourdon: ESG Investing (02:18)Managing Partner, Nordis Capital. Full episode.Michael O'Leary: Impact Investing & Activism (03:41) Partner and Co-Head of L Catterton Impact Fund. Full episode.Asha Mehta: Quant Investing (04:58)Managing Partner & CIO at Global Delta Capital. Full episode.Jennifer Pryce: Community Investing (06:30)President and CEO of Calvert Impact Capital. Full episode. Liesel Pritzker-Simmons: Family Office Investing (08:44)Co-Founder & Principal, Blue Haven Initiative. Full episode.Mark Dowding: Fixed Income & Sovereign Bonds Investing (10:51)Chief Investment Officer at BlueBay Asset Management. Full episode.Martin Berg: Natural Capital Investing (12:03)CEO of Climate Asset Management. Full episode. Matt Patsky: Public Equities Investing (13:23)CEO & Lead Portfolio Manager of the Trillium ESG Global Equity Strategy. Full episode. Chris Ailman: Sustainable Institutional Investing (14:48)Founder and CEO, Ailman Advisers. Former CIO of CalSTRS. Full episode.Patrick Drum: Faith-Based Investing (16:48)Portfolio Manager of the Sustainable Fixed Income Fund & Amana Participation Fund for Saturna Capital. Full episode.Radha Kuppalli: Real Asset Investing (18:39)Former Managing Director of Impact and Advocacy at New Forests. Full episode.Sharon Vosmek: Venture Capital Investing (19:56)CEO of Astia, Managing Partner of the Astia Fund. Full episode.Charlotte Kaiser: Impact-Driven Forestry Investing (22:27) Head of Impact Finance, BTG Pactual Timberland Investment Group. Full episode.Adam Swersky: Social Impact Investing (24:11)CEO of Social Finance. Full episode. Marisa Drew: Millennial Investing (25:18)Chief Sustainability Officer of the Standard Chartered Bank in London. Full episode.—About the SRI 360° Podcast: The SRI 360° Podcast is focused exclusively on sustainable & responsible investing. In each episode, I interview a world-class investor who is an accomplished practitioner from all asset classes. —Connect with SRI360°: Sign up for the free weekly email update.Visit the SRI360° PODCAST.Visit the SRI360° WEBSITE.Follow SRI360° on X.Follow SRI360° on FACEBOOK. 

CalSTRS CIO Chris Ailman Talks Nvidia Growth. Ailman speaks with Bloomberg's Alix Steel.See omnystudio.com/listener for privacy information.

Join hosts Pat and Konch on the Dakota Fundraising News Podcast as they dive into recent job changes, advisor activity, and institutional investment updates. This episode unpacks key job transitions, including Alex Sawabini's move from Cambridge Associates to BCG, John Patterson's new role at Wilshire Associates, and Scott Chan's appointment as CIO of CalSTRS. Learn about William Blair's expansion in Philadelphia with the acquisition of Fernberger Wealth Management and LPL's addition of two advisors from Cetera, boosting their managed assets significantly. Our institutional coverage highlights significant investment actions and upcoming searches at various pension systems, including the Boston Retirement System's plans for a Private Equity & International Small Cap manager search, and notable commitments by the Santa Barbara County Employees' Retirement System in alternative funds.

Kevin Smith, the CEO of Arevon Energy, joins the podcast this week to discuss its solar and storage activities in CAISO and MISO, some background behind recent financing packages for four of its projects and new geographic markets it is exploring.Arevon is backed by an investor group including CalSTRS, APG and ADIA following an August 2021 transaction which saw Capital Dynamics and Arevon Asset Management launch the platform. At present the company has 3.5 GW of projects in operation, 1.5 GW under construction and an additional 5 GW of solar and storage projects under development across the US.New Project Media (NPM) is a leading data, intelligence, and events company providing origination led coverage of the US and European renewable energy markets for the development, finance, M&A, and corporate community.

Christopher Ailman, chief investment officer for the California State Teachers' Retirement System (CalSTRS), says markets need to readjust to Federal Reserve rate cut expectations. He has been speaking to Bloomberg's Romaine Bostick and Alix Steel.See omnystudio.com/listener for privacy information.

Retail Sales People may be complaining about higher interest rates, but it does not appear to be slowing down the consumer. Retail sales climbed 0.7% in the month of March, which is easily topped the estimate of 0.3%. Compared to last year, sales were up an impressive 4.0%. Areas of strength continued to be nonstore retailers, which were up 11.3% compared to last year and food services and drinking places, which were up 6.5% over the same time period. Areas that continued to weigh on the report were furniture & home furnishing stores (-6.1%), electronics and appliance stores (-0.6%), and building material & garden equipment & supplies dealers (-0.6%). While energy prices have increased lately and gasoline stations saw an increase of 2.1% compared to February, compared to last year sales were actually down 0.7%. This makes the retail sales number even more impressive considering the fact that if gas stations were excluded from the headline number, it would have been up 4.4% compared to last year. Overall, this report provides further proof that the consumer remains resilient. This could bring into question the number of rates cuts this year. If the consumer remains strong, we may only see one or two cuts this year.  Value Companies With the market's recent highs, we have had a few companies that reached their target sell price. We sold those companies and now we're sitting on a large amount of cash. We were considering investing into an oil and/or natural gas company because based on the valuations they are still not that expensive. One thing that has concerned me is that we are probably near the peak for gasoline consumption, but oil is also used in chemicals with a big demand coming from plastics. Approximately 102 million barrels of oil are produced every day and roughly 60 million barrels go to diesel, gasoline and jet fuel. Only 12 million of that ends up in chemicals. What concerned me even more is how all the oil companies like Chevron, Shell and Saudi Aramco have a big push to produce more for chemicals. For instance, Shell opened a chemical complex with capacity to produce about 1.6 million tons of plastic pellets per year. Saudi Aramco is working on turning 4 million barrels of crude oil per day into chemicals by the year 2030, today just 1 million barrels go into chemicals. For many years China has been a major consumer of plastic and they accounted for 70% of plastic demand. Now they are producing their own plastic capacity, which is exceeding demand. On top of all this, you have the push for recycling plastics and statistics show that only 10% or less of plastic gets recycled. Even a doubling of that over the next few years would mean less oil needed for plastics. Recycled plastics are roughly 50% more expensive than virgin plastic, but I believe that will come down in future years. In summary, at this point it does not make any sense that I can see to invest in an oil company or the chemical companies. It may look like they could be on sale, but with the large supply going forward sales and earnings could decline, which would mean they are currently fully priced. The abundance of plastics is estimated to go on until the year 2030. So…. the search for that great value company to add our portfolio continues!  Home Owners Insurance You hear and read that insurance companies are dropping homeowners for no reason. Well, it turns out that insurance companies are becoming wiser on how to verify that policy owners are following the rules. To keep costs and risks down, insurance companies are now using drones, satellites, and airplanes to take aerial photos of your house. If you neglected to tell the insurance company that you have a pool, trampoline, a roof in bad shape or yard debris and hanging tree branches that are fire hazards, these will show up in the aerial views. You may think this is unfair, but when you sign your policy, you agree to home visits to verify that you're telling the truth. Another question for consumers, is it fair for you to pay the same insurance premium with a brand-new roof then your next-door neighbor whose roof is 25 years old? At first thought it seems unfair that insurance companies can take pictures of your home from the sky, but if you neglected to tell them the truth about that pool or trampoline, maybe they have the right to drop you. In the long run, this could help insurance companies keep premiums lower for those who follow the rules and disclosed to the insurance company all the insurable risks that they have.  Avoiding Social Security Reductions Caused by Pensions If you receive a pension from work that was not covered by Social Security, you may see a reduction in any Social Security benefits you are entitled to which includes benefits from your own earnings or any spousal benefits you are claiming. This is caused by the Windfall Elimination Provision and the Government Pension Offset. Keep in mind, if you earned a pension from a job where you also paid into Social Security, you will not see any reduction. One of the common pension systems we see in California is CalSTRS for teachers. Teachers do not pay into Social Security so their pension will reduce their Social Security amount. One way to get around this is by taking a “refund” from the pension. This allows you to withdraw all your contributions plus interest and roll them into your own retirement account so you can invest how you would like, and you will no longer have any reduction to your social security benefits, including any spousal benefits. The reason this works is because the refund only includes your own contributions, not the contributions made by the employer. This doesn't work with all pensions as some lump sum options include employer contributions, so the same Social Security reduction would apply. Taking a refund from CalSTRS is not appropriate for everyone. If you are close to retirement or have been part of the CalSTRS system for many years, it likely makes sense to stay with it to receive your pension and any Social Security reduction that comes along with it. However, if you are younger, have a limited earnings history with CalSTRS, or are entitled to sizable Social Security Spousal or Survivor benefits, rolling over your CalSTRS pension to a retirement account may make sense so you get the benefit of both your pension dollars and Social Security.   Stocks Discussed: KBhomes (KBH), Northrop Grumman Corporation (NOC) and Boeing (BA)

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.Bloomberg Surveillance hosted by Tom Keene and Paul SweeneyApril 18th, 2024Featuring: Amanda Lynam, Head of Macro Credit Research at Blackrock, on the bond market and global credit outlook Amy Wu Silverman, Managing Director and Head of Derivatives Strategy for RBC Capital Markets, on "skew" in the market Chris Ailman, CIO at CalSTRS, on a potential soft landing for the US and equity market outlook Bloomberg's Lisa Mateo with her Newspaper Headlines Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillanceEric Mollo See omnystudio.com/listener for privacy information.

California State Teachers Retirement System Chief Investment Officer Christopher Ailman discusses the markets. He joins Bloomberg's Romaine Bostick and Alix Steel.See omnystudio.com/listener for privacy information.

Does your pension fund contribute to a more sustainable world? CalSTRS does and has been since the 1970s/80s. To lead this conversation is the very first pension fund guest for SRI 360°, Chris Ailman, one of the world's most recognized and respected Chief Investment Officers. Multiple award winner, Chris currently acts as CIO of CalSTRS, managing its $311.5 billion portfolio, making it the second-largest pension fund in the United States and the largest educational pension fund in the world.With over 39 years of expertise in institutional investment, Chris has become a thought leader in incorporating ESG criteria into his long-term, “patient” capital investing approach.His journey began with an early fascination with the stock market, leading him from the role of registered rep at Dean Witter to becoming a certified financial planner from USC. His interest in institutional investment carried him through pivotal roles, from Sacramento's county retirement system to the Washington State Investment Board, before landing at CalSTRS in 2000. Chris has not only placed CalSTRS as a beacon of sustainable investing but has also been recognized globally for his innovative investment approach. He's also the mind behind the Sustainability Accounting Standards Board, the chair of the 300 Club, and co-chair of the Milken Global Capital Markets Committee.In this episode, Chris and I reflect on the evolution of ESG investing and its critical role in shaping our planet's future. His narrative is not just about investment; it's a testament to his belief in the power of long-term investing and the need for a sustainable approach to wealth management.We also explore the challenges of integrating ESG into traditional investment frameworks, the importance of shareholder engagement and corporate governance, and the future of sustainable investing. Tune in to this conversation to gain valuable insights from one of the world's most influential figures in pension fund management and sustainable investing. Show notes: https://sri360.com/podcast/chris-ailman/About the SRI 360° Podcast: The SRI 360° Podcast is focused exclusively on sustainable & responsible investing. In each episode, I interview a world-class investor who is an accomplished practitioner from all asset classes.Connect with SRI360°:Sign up for the free weekly email updateVisit the SRI360° PODCASTVisit the SRI360° WEBSITEFollow SRI360° on X/TwitterFollow SRI360° on FACEBOOKKey TakeawaysAn overview of the CalSTRS portfolio (17:14)Chris' theory of change on long-term capital investing (24:09)The ins and outs of ESG investing strategy (25:40)Sustainable investing, shareholder engagement, and corporate governance (40:26)The CalSTRS net-zero emissions pledge (49:13)Chris' thoughts on nuclear power (55:00)Differences between how Europe & USA view ESG (59:26)Sectors making progress towards global sustainability (01:06:01)Sustainability initiatives that Chris is involved in (01:12:13)Final questions for Chris (01:15:42)Additional Resources Connect with Chris Ailman on LinkedInCalSTRS WebsiteCalSTRS Sustainable InvestingCalSTRS Path to Net ZeroCalSTRS LinkedI

In this episode, ahead of the long President's Day weekend, we delve into the latest job changes, strategic RIA mergers and acquisitions, and significant investment trends. We highlight start of CalSTRS' search for a new CIO marking a period of transition and opportunity. The acquisition of Washington Wealth Advisors by Wealth Enhancement Group and LPL Financial's ambitious move to purchase Atria Wealth Solutions illustrate the evolving landscape of RIA and FA M&A. We examine Fairfax County's 2024 commitment pacing in private markets and highlight Los Angeles County Employees' Retirement Association's recent hefty commitments, underscoring the strategic allocation trends. Wrapping up with Wynnchurch Capital's latest fund close and AIMco's innovative Energy Transition Opportunities Pool . Join us as we navigate these pivotal shifts and strategic moves in the fundraising world.

「Generate Capital、米年金カルスターズなどから2,200億円調達。サステナブル・インフラ構築加速」　持続可能なインフラストラクチャの構築、所有、運用を行う金融会社Generate Capitalは1月31日、米年金カルスターズ（CalSTRS）など世界有数の機関投資家から15億ドル（約2,200億円）を調達したと発表した。調達した資金を元手に、サステナブルなインフラ構築を加速させる。The post Generate Capital、米年金カルスターズなどから2,200億円調達。サステナブル・インフラ構築加速 first appeared on 金融・投資メディアHEDGE GUIDE.

Join the commercial real estate Discord Channel: https://discord.gg/b6pGK6uj7PEpisode webpage: www.tylercauble.com/cre-daily

Christopher Ailman (@CJAtheCIO), Chief Investment Officer at CalSTRS, joins Olga Serhiyevich on this episode. Highlights: - CalSTRS, the California State Teachers' Retirement System, was created in 1913 and is actually older than Social Security. It has over 400 members who are over 100 years old who are still receiving their pension.- Chris says no bear market is alike and that the key is to have the discipline during that time period to actually start buying.- Chris says the key to success as an investor is in being intentional about the culture you create. When Chris is evaluating a portfolio manager he likes to and sit on the floor with the employees and see what the vibe is like.- A lot of investors take a lot of econ and business classes but should take more psychology classes to deal with the human side of things (vs. the numbers side). He says that selecting portfolio managers is much more difficult than picking stocks.- Chris says that the energy transition will dwarf all trends over the next fifteen years. He says that by 2035 parts of the earth will start to become uninhabitable and there will be mass migrations to other areas.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform.Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.

CalSTRS (Cal State Teachers Retirement System) Chief Investment Officer Christopher Ailman speaks on the economic outlook from 2023 and into 2024 with Bloomberg's Paul Sweeney and Jess MentonSee omnystudio.com/listener for privacy information.

Planning to retire early? Joe and Big Al spitball on bridging the gap to your retirement income when there's a pension in the mix, today on Your Money, Your Wealth® podcast 456. Manley and his wife are in their early 50s and have teacher's pensions. Can they retire in 2 and a half, or even one and a half years? Can Bucky in the Midwest retire in 2024, and can Henry Karl Kittensburg III retire in about 3 years, with all the milk his heart desires? How should Paul in Houston choose his pension options for early retirement? Is Greg in Southern California's CalSTRS teacher's pension enough for his retirement? Keaton Money in Colorado needs the fellas to help him decide between his pension's fringe benefits and brokerage account returns, and big Paw in a mid-Atlantic state asks for a spitball on how to reduce taxes on an impending headcount reduction lump sum payout.  Timestamps: 00:58 - Early 50s, Teacher's Pensions. Can We Retire Early in 1.5 or 2.5 Years? (Manley, Nashville) 08:17 - How to Choose Pension Options for Early Retirement (Paul, Houston, TX)  18:25 - Is CalSTRS Teacher's Pension Enough in Retirement? (Greg, Southern California)  22:02 - Am I In Good Shape to Retire in 2024? (Bucky from the Midwest)  23:32 - Pension Fringe Benefits vs. Brokerage Account Returns (Keaton Money, CO)  32:00 - Can We Retire at Age 59? (Henry Karl Kittensburg III, Western OH) 40:42 - How to Reduce Taxes On a Headcount Reduction Retirement Lump Sum Payout? (Big Paw, mid-Atlantic state) 50:50 - The Derails  Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-456  Retirement Income Strategies Guide EASIretirement.com free retirement calculator Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Doug Weill, founder and co-managing partner of Hodes Weill & Associates, a leading global capital advisory firm, was a guest on the latest episode of Nareit's REIT Report podcast.Hodes Weill recently released the 2023 Real Estate Allocations Monitor, which showed that institutions' target allocations to real estate were flat at about 10.8% year-over-year.“Institutions are very cautious in the market today. And while they're reasonably optimistic about the opportunity to invest over the next couple of years, right now in the moment there are numerous cross currents,” Weill said.At the same time, several large institutions have increased their target allocations over the past 12 months, Weill noted. “I think that has been a signal to the market that they are encouraged about the opportunity to invest and perhaps lean into the opportunity.” Such institutions include Norges Bank and CalSTRS.

Bree Lee is a Bay Area math teacher who runs an impressive fin lit Instagram account (@ritual_finance) where she posts the basics, the more complex, the workings of the CalSTRS pension and her own paycheck breakdown, monthly budget, and growing net worth.   Ritual Finance on Instagram Bree's Money Guide for CalSTRS Members Quit Like a Millionaire Arbitrary Lines: How zoning broke the American city and how to fix it.  Meridian Wealth Management 403bwise.org Nothing presented or discussed is to be construed as investment or tax advice. This can be secured from a vetted Certified Financial Planner (CFP®). 

Featured Guests: Alex Lazarow, managing partner, Fluent Ventures | Beezer Clarkson, partner, Sapphire Partners LPs at the Culture Shifting Summit offer advice to GPs on what they are looking for from funds, the California State Teachers' Retirement System $1.4 billion in manager portfolios are now managed by Sapphire Partners, and Coca-Cola releases Y3000, a soda created by AI.

From pension funds to healthcare providers, ransomware is still finding plenty of victims. After a post-pandemic drop, the rate of ransomware is accelerating. Two groups getting attention are CIOp and BlackCat (ALPHV). Cl0p's MOVEit Transfer hack to date has affected 15 million people and 121 organizations, including two large pension funds, CalPERS and CalSTRS. BlackCat (ALPHV), skilled at exfiltration, threatened to leak photos and sensitive data of a plastic surgeon's patients and, according to a Check Point report, previously leaked patients' photos and medical records after an attack against American healthcare provider LVHN earlier this year.Host: Andy WhitesideCo-host: Chris FeeneyGuest: Jason Mafera

FRIDAY WRAP: Montana kids win on climate, CalSTRS "punishes" directors by doing their job, Hawaiian Electric is the new PG&E, and the Uihleins are billionaire nepos

FRIDAY WRAP: Montana kids win on climate, CalSTRS "punishes" directors by doing their job, Hawaiian Electric is the new PG&E, and the Uihleins are billionaire nepos

加州又有新生效的法律，讓我們來看看都有什麼。 首先是犯罪記錄，SB 731由州長紐森簽署成為法律，標誌著加州成為允許永久封存個人犯罪記錄的先驅。 根據這項立法，如果大多數前罪犯在服刑、假釋或緩刑結束后四年內，沒有被判犯有其它重罪，他們的定罪和逮捕記錄，將被自動封存。 此外，未定罪的逮捕記錄，也將被封存。 該法案涵蓋家庭暴力等犯罪行為，但不包括被判犯有嚴重暴力重罪的個人，以及那些登記為性犯罪者的個人。 其次是槍支民事訴訟方面，AB 1594的通過，確立了槍支行業內的行為標準，要求槍支行業實施和執行合理的控制措施。 該行業必須採取必要的預防措施，防止向下游經銷商銷售、分銷或提供槍支相關產品。 此外，禁止他們製造、行銷、進口或批發銷售被視為「異常危險」的產品。 此外，六月節現在將被視為法定假日。 節日期間，社區大學和公立學校將關閉。 此外，政府雇員會在6月19日，獲得帶薪休假。 住房方面，AB 2011和SB 6，簡化了在商業、零售或停車用途土地上，建造可負擔的多戶住房的程式。 這些法案還加強了建築承包商的工資法和健康福利法規。 另外還有賞金獵人許可，該法律規定了賞金獵人的許可、教育和登記。 這項法律的制定源自於棕櫚泉的一個家庭，他們的孩子於2021年在棕櫚泉被一名非法賞金獵人悲慘地殺害。 在教師方面，根據AB 1667，教師不得被要求償還加州教師養老金系統（CalSTRS）審計報告中發現的多付款項。 此前，當審計發現錯誤時，退休教師有義務償還錯誤計算的款項。 最後是工人賠償方面，由於該法案的實施，沒有工人賠償保險的承包商可能會面臨失去執照的風險。 儘管工傷賠償已經是強制性的，但這項新處罰於7月1日起生效。

Christopher Ailman, chief investment officer for the California State Teachers' Retirement System, says there's still about a 50% chance of recession this year and sees fixed income as an increasing investment opportunity. He speaks with Bloomberg hosts Romaine Bostick and Scarlet Fu.See omnystudio.com/listener for privacy information.

Today's guest is Graham Sowden.   Graham is the Chief Investment Officer at RREAF Holdings. He has been directly involved in the sourcing, underwriting, and acquisition of over $1 billion in asset value including over 11,000 multifamily units. Join Sam and Graham in today's episode. -------------------------------------------------------------- Growth of Reef Holdings [00:00:26] Investing in secondary and tertiary markets [00:03:42] Challenges in the multifamily market [00:09:14] The Risks of Short-Term Investing [00:12:27] Reef Holdings' Portfolio [00:14:20] Advice for Starting in Real Estate [00:19:06] -------------------------------------------------------------- Connect with Graham: Linkedin: https://www.linkedin.com/in/graham-sowden-186192138/ Web: https://rreaf.com/   Connect with Sam: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook: https://www.facebook.com/HowtoscaleCRE/ LinkedIn: https://www.linkedin.com/in/samwilsonhowtoscalecre/ Email me → sam@brickeninvestmentgroup.com   SUBSCRIBE and LEAVE A RATING. Listen to How To Scale Commercial Real Estate Investing with Sam Wilson Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-scale-commercial-real-estate/id1539979234 Spotify: https://open.spotify.com/show/4m0NWYzSvznEIjRBFtCgEL?si=e10d8e039b99475f -------------------------------------------------------------- Want to read the full show notes of the episode? Check it out below: Graham Sowden(00:00:00) - And, you know, they've got no profit participation, so they've got a fixed kind of rate of return and eight current and eight accrue. And then we brought $30 million of common equity that has all of the upside, um, on a $580 million transaction and the weighted cost of capital on that deal was five and a quarter. So you've got basically 97% leverage at 5.25%. Welcome to the How.   Sam Wilson (00:00:26) - To scale commercial real estate show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big. Graham Soden is the chief investment officer at Reef Holdings. Graham, welcome to the show.   Graham Sowden(00:00:44) - Thank you. How are you doing, Sam?   Sam Wilson (00:00:46) - I'm great, sir. Cannot complain. Graham. There are three questions I ask every guest who comes on the show in 90s or less. Can you tell me where did you start? Where are you now and how did you get there?   Graham Sowden(00:00:55) - Oh, gosh. 90s. Um, so started my career and the commercial real estate space at Reiff back in 2016.   Graham Sowden(00:01:07) - Um, I was kind of in a, you know, floating analyst role at the time. I was probably the eighth or ninth employee. Um, we were, you know, a much different, much smaller shop at the time. I pretty quickly transitioned into the director of acquisitions role and ran our multifamily acquisitions platform for about six years. And then towards the end of 2022, um, took on a new role within the organization as chief investment Officer.   Sam Wilson (00:01:45) - That is fantastic. So you said you were employee. Let me get this right. 8 or 9.   Graham Sowden(00:01:51) - Yeah. Okay.   Sam Wilson (00:01:53) - So I'm looking right now at your company website and just a random stab would put it at 40 or 50 people at this point.   Graham Sowden(00:02:01) - So we are somewhere between 400 and 500 employees nationwide now. And so that's, you know, inclusive of our property management company and all of the on site, you know, the leasing agents and maintenance folks. Um, but we've got about 120 here in our corporate offices in Dallas. Um, and then the rest kind of spanned throughout the South and southeast.   Graham Sowden(00:02:28) - So we've, we've, we've come a long way since, since 2016.   Sam Wilson (00:02:33) - Yeah, that's, that's pretty explosive growth. What do you attribute that to?   Graham Sowden(00:02:39) - Um, you know, I think that we have always been, you know, kind of at the forefront of different investment theses and strategies. Um, and, you know, it was a lot of being in the right place at the right time. We back in, you know, 15, 16 kind of identified multifamily, um, in the south and southeast, particularly in secondary tertiary markets as being, um, you know, desirable, you know, investment kind of strategy for us. We were buying, you know, mostly B kind of B-minus type product in the early years. Um, that all had, you know, a light kind of value add component to them. Um, and we found that we were able to buy it 200, 250 basis points, kind of wider cap rates than you would if that exact same asset was located in one of the primaries or cause.   Graham Sowden(00:03:42) - And so, you know, we were chasing yield and our investors were chasing yield before any of the institutional groups had really, you know, transitioned, think, um, into those markets. And so, you know, we were, we were buying it seven and a half, eight caps. And you know, ultimately in 2020, 2021, we were able to exit a lot of those deals that, you know, three, three and a half caps. So tons of thread, um, built up a really, really good reputation in the marketplace with owners and, and, and brokers and built up a really strong track record for our investors. And you know, it was just kind of natural evolution and growth.   Sam Wilson (00:04:29) - Do you feel like it was just right time, right place situation and you guys seize that opportunity or was there something else you guys did to really create such incredible value?   Graham Sowden(00:04:41) - Um, mean that would be an an easy way of looking at it. But it was, it was definitely more strategic and more defined than that.   Graham Sowden(00:04:52) - Mean we did have kind of the foresight at the time to go in and aggregate, you know, a big a bunch of scale and all of these kind of overlooked markets and. Had the conscious thought that, you know, if we scale in all of these markets that the institutional groups aren't really looking at but create, you know, enough valuable and prove out this as a viable strategy, you know, then these bigger institutional groups will be able to come in and write the bigger checks that they historically hadn't been able to write in these markets. Right. You know, as we built out, you know, a larger portfolio and that's kind of exactly what we saw happen.   Sam Wilson (00:05:39) - Wow. That's that's that's really great foresight. And that's that's a tough one. Um.   Graham Sowden(00:05:45) - We had a lot of people tell us that, you know, we were, we were wrong. So it feels good sitting here today.   Sam Wilson (00:05:53) - Right? And not just because you get to say I told you so, but because you were right and you got to reap the rewards of being right.   Sam Wilson (00:06:00) - So that's absolutely fantastic. How does how does your role or how has your role changed in the company from acquisitions director to now the CIO?   Graham Sowden(00:06:12) - Um, you know, it's it's stayed the same in some regards. I think, you know, as the director of acquisitions, I was more specifically focused on the direction, overall direction and strategic growth of just the multifamily platform. We have six other verticals internally, other investment strategies, um, that we take advantage of as well. But you know, that was kind of my main focus was growing out the multifamily portfolio. Um, and I'm still doing that, but it is kind of evolved into that role a little bit more management now of, you know, my team members and personnel and overseeing the growth strategy for all of the seven verticals at Reif, not just, you know, multifamily.   Sam Wilson (00:07:09) - Got it. Is there is there a part of your previous role that you miss or is is it I guess as you think about that, there's always transition and change for anybody as they grow and move into the next step or the next part of their career or business.   Sam Wilson (00:07:25) - So any part of that that you say, Man, I wish I could just still go do that.   Graham Sowden(00:07:30) - Uh, yeah, absolutely. And there's a lot that I missed just about the last 6 or 7 years. You know, it was, it was a really good time to be in the space. And that's not to say that today isn't it's just changed and we have to adapt and, you know, evolve some. Um, you know, it became kind of second nature, you know, tying up deals and running them through our process and getting them closed. Um, you know, so today things have like changed such that we have to be. A little bit more careful, I guess, in the opportunities that we're going after and pursuing. So I think it's a really good time to focus like internally, you know, operations and the organization like on a holistic level, looking at management, looking at, you know, asset management, property management, all of the things that kind of make us kind of run and fine tune everything, you know, at the holding company level.   Sam Wilson (00:08:44) - Yeah, I can. I can certainly see that. And how how for you guys, I mean, you saw it in the front end in 2016. You said, okay, hey, you know, we're going to buy all this stuff, we're going to aggregate it, we're going to operate it professionally such that institutional capital and other sources will want to come in and then buy it from us. You've seen kind of that whole cycle occur. And I think on the multifamily side, what are we down like 75% this year? I think on transaction volume, I mean, it's.   Graham Sowden(00:09:14) - Yeah, I was actually quoted in a Wall Street Journal article 2 or 3 weeks ago, and the title of the article was Apartment sales are down 74% year to date. Yeah, So you're right on.   Sam Wilson (00:09:27) - Yeah. I mean, that's that's an astounding number or a stunning decline, I guess I should say, in transaction volume. Does that create any opportunity for you guys? Maybe that wasn't there a year ago.   Graham Sowden(00:09:43) - Uh, short answer is yes.   Graham Sowden(00:09:47) - And I'm sure you've talked to a lot of other multifamily owners and operators and think everybody kind of shares the same sentiment that, you know, there was a lot of irresponsible investing between 2020 and 2023. Um, you know, you saw syndication groups kind of popping up everywhere and, you know, chasing what was at the time, you know, the most popular investment asset class and commercial real estate, multifamily. And I think people kind of. Forgot about the fundamentals. And, you know, we're buying to buy. There are a lot of shops that were set up, as you know, fee driven shops that would go out and overpay for an asset which kind of ultimately contributed to that, you know, bubble that we may have been in. Um, you know, people were borrowing money irresponsibly, I think extremely high leverage, floating rate debt, short term, you know, going in to a lot of these deals with negative leverage whereby you have to underwrite, you know, ten, 15, 20% rent growth, you know, just to meet your debt service, you know, just just to basically break even.   Graham Sowden(00:11:06) - And and that's assuming interest rates don't rise. And, you know, as interest rates rose, you also it was kind of just this confluence of of of issues insurance kind of, you know, insurance rates just skyrocketed, um, due to all, you know, the losses that the insurance companies had sustained through natural disasters and the like. And, you know, taxes have been an issue in a lot of areas and then interest rates being so high all kind of contributed to like, you know, values kind of plummeting in the last, you know, call it six months. But, you know, we, again, don't know if it's luck or foresight. I mean, this was kind of a constant internal debate that we had over here whether to, you know, fix or float our agency debt. And, you know, we always opted to fix everything. And, you know, a large majority of our portfolio has long term fixed rate agency debt. And so, you know, we're kind of prepared to weather any storm, any, you know, rise in interest rates mean some of our biggest portfolios, you know, are locked in with sub 3% interest rates for ten years with six years of interest only at 80% leverage.   Graham Sowden(00:12:27) - So and there are a lot of groups that were very successful in the short term, buying a property, fixing it up and flipping out of it and, you know, having the ability to flip out of it in such a short period because most of those floating rate, you know, debt instruments have maybe a 12 month lockout and then there's a 1% prepayment penalty versus having to pay yield maintenance or deficits, which, um, you know, can devalue one's exit. So a lot of groups were able to get into these deals quick, turn them around 18, 24 months later exit and they hit a home run. But you know, it's not sustainable. And as soon as you find yourself in a market with, you know, varying or distinct attributes from what I just described, um, you're going to have, I think, some pain and suffering amongst those groups that, you know, took out those risky loans and weren't able to see the 15, 20% rent growth that they they had underwritten. And they're going to be upside down in a lot of their deals.   Graham Sowden(00:13:33) - And so that's where the opportunity lies.   Sam Wilson (00:13:35) - Yeah, it's the that's the unfortunate gambler's curse where you you go gambling and you make and fallacy. What's that now?   Graham Sowden(00:13:44) - The hot hand fallacy, right?   Sam Wilson (00:13:46) - Yeah. You're like, Hey man, I win. We made a bunch of money real quick and easy and we can just keep doing that. It's like, Well, maybe. Maybe you got lucky and you ought to just go home. So. Yeah, yeah.   Graham Sowden(00:13:59) - Think it was. I think it was Warren Buffett that said that, uh, you know, as soon as the tide comes out, you're going to start seeing who's swimming naked. Right?   Sam Wilson (00:14:09) - Right. Yeah, there's that. And I think on the flip side of that, though, you know, you guys having everything is fixed rate. I mean you say sub 3%.   Graham Sowden(00:14:20) - Mean Yeah we did at the end of 2021 we did a portfolio dubbed TC 21. It was the Trans coastal 21. It was made up of three different sellers that we had kind of, you know, pieced together 21 properties all throughout the south and southeast.   Graham Sowden(00:14:39) - Um, I think we bought it at probably five and a half blended cap rate. Um, we locked in ten year fixed rate money with Freddie Mac through Cadia out of Dallas at 271 with six years of interest only. And so it was a $580 million total capitalization. We had $406 million of first lien debt at that 271 rate. We brought in a very good partner of ours, 3650 right there out of New York and LA and Miami. It's CalSTRS money and New York purs but they came into a pref position that. Took us up to probably 90% leverage with a weighted cost. You know, they were about 10%, 10.5% money at the time. And then we brought in another group called in a priority equity position that took us up to about 97%. And, you know, they've got no profit participation, so they've got a fixed kind of rate of return and eight current and eight accrue. And then we brought $30 million of common equity that has all of the upside, um, on a $580 million transaction and the weighted cost of capital on that deal was five and a quarter.   Graham Sowden(00:15:55) - So you've got basically 97% leverage at 5.25% money, right?   Sam Wilson (00:16:03) - Right. That's astounding. I mean, what you just described is beyond advanced for many, probably of our listeners.   Graham Sowden(00:16:13) - I apologize. So.   Sam Wilson (00:16:14) - No, no, you don't have to break it down. But by no means. I'm just saying that what I understood everything you said and I think our listeners will too, but yet it's a strategy that many of us, myself probably included. I go, gosh, that's that's a lot of moving parts to assemble.   Graham Sowden(00:16:28) - It is. And that was it's kind of what has always like separated us from a lot of groups. I mean, we've got, you know, a lot of 30 plus year vets over here, um, a ton of experience through out, you know, all sectors of commercial real estate. And, you know, we have found that we can put together some of the more creative structures to maximize our returns to our investors while mitigating as much risk as possible. And, you know, our track record kind of shows that it's not always the cleanest deal.   Graham Sowden(00:17:05) - A lot of times mean any new groups that we're working with. It's it's a learning curve. Even the agency lenders a lot of times, you know, have to come to terms with what we're trying to structure. But it's it's it's panned out really well for us. So we kind of created some of those different tranches of capital and and we got Freddie Mac to sign off and become comfortable with them.   Sam Wilson (00:17:30) - So wow. Yeah, I can only imagine that was a tough hill to climb because those agencies, they're not exactly ones that, you know, color outside the lines.   Graham Sowden(00:17:40) - No, they're not. So but we are we have so we have the benefit of being select sponsors. And so, you know, there's maybe. 40 or 50 select sponsors every every year. And it goes like the biggest borrowers for, you know, Fannie or Freddie. And, you know, what you get is you kind of have a direct line of communication with the agencies. And, you know, you you can kind of create or give feedback to some of the programs and, you know, tell them what what you, the borrower wants.   Graham Sowden(00:18:16) - Um, and, you know, they can hopefully help accommodate, you know, you also get preferred pricing and queue times and things like that.   Sam Wilson (00:18:24) - But man, this is fantastic. You have given us so many things here to think about. I love just hearing the journey. Would you say you came on as person number eight, 8 or 9? Yeah, there at the company and then you're talking about a deal 5 or 6 years later where you guys are assembling a $580 million portfolio By I mean that's, that's a lot of a lot of progress in a very short period of time. As you look back over the past call it now seven years. What what is one piece of advice or one what's one piece of advice you'd give to somebody or maybe even to yourself if you were starting back over right here in 2016?   Graham Sowden(00:19:06) - Oh, gosh. Mean could take this in a lot of directions. I think one is just. Go do it. Like all of us can sit around with our buddies and talk about the greatest ideas or the greatest investment strategies in the world.   Graham Sowden(00:19:22) - But none of it means anything unless you get out there and go do it, you know, that's kind of like. This company, you know, Reef is has become like this big, well-oiled machine. But it wasn't always that. It didn't start out that way. I mean, we were cowboys, you know, we were gunslingers. We had, you know, all of the tools we had, all the experience we had, you know, the right guys. Um. But, you know, we had a good idea and we went out and we got it done. I mean, you learn a lot just by doing it. You're not going to know all the answers. You know, there's such a thing as analysis paralysis where, you know, you think of all of these what ifs and hypotheticals and it just bogs you down into, um, you know, not getting out and actually doing the work that needs to be done. So, I mean, there's a lot to just like is what always say feet on the floor, you know, in the morning, put your feet on the floor, get out of bed and just start the day.   Graham Sowden(00:20:26) - You know, like you never know where it's going to go. It's always going to be a good day if you just put your feet on the floor.   Sam Wilson (00:20:33) - Get your feet on the floor, Graham. Love it. Thank you for taking the time here to come on the show today. It's a bummer. I've got lots more questions here for you, but we are unfortunately out of time. If our listeners want to get in touch with you or learn more about you, what is the best way to do that?   Graham Sowden(00:20:48) - Um, well, you can go on to our website reef.com if you're interested in investing. We have an investor portal. We've kind of created a digital marketplace for all of our offerings. We typically have, you know, 5 to 6 different investment offerings at any one time. Um, you've got to be accredited to actually invest. But we do the accreditations here internally through our legal department. Um, you know, otherwise all of my contact information is on our website. You can find me on LinkedIn and I'm always happy to get on the phone and talk with anybody about anything.   Graham Sowden(00:21:33) - So if you find my cell phone, I'm not going to give it to you on your podcast. But if you are able to find my cell phone, you can give me a call anytime and I will take it.   Sam Wilson (00:21:42) - That sounds great. Graham, very generous of you. Certainly appreciate your time here today. And we'll make sure we include that there in the show notes. For those of you who are listening, that's Reef spelled RCAF Reef. Graham, thank you again for your time. Have a great rest of your day.   Graham Sowden(00:21:58) - Absolutely. Thank you, Sam. And you have an incredible podcast voice.   Sam Wilson (00:22:03) - Thank you, sir. Appreciate it. Talk soon. Bye bye now. Hey, thanks for listening to the How to Scale Commercial Real Estate podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen. If you can do that for us, that would be a fantastic help to the show.   Sam Wilson (00:22:22) - It helps us both attract new listeners as well as rank higher on those directories. So appreciate you listening. Thanks so much and hope to catch you on the next episode.      

Intel is reportedly in talks with Softbank to be a strategic investor to anchor chip designer Arm's IPO. It could be a way for Intel to work with big names like Apple, Amazon, and Meta and others on the back-end. Plus, the Chief Investment Officer of the nation's second-largest pension fund cautions against the tech rally and warns that AI is overhyped.  

Welcome back to the Alt Goes Mainstream podcast.Today's show was recorded live from AltsLA 2023 in partnership with CAIA. CAIA is the leading global professional body dedicated to alternative investment credential programs.On this episode, we speak with Christopher Ailman, the Chief Investment Officer of one of the world's largest institutional investors, CalSTRS.Chris and I had a fascinating conversation about all things private markets. We discussed:  How one of the world's largest institutional investors manages a portfolio with 40% exposure to private markets. How many institutional investors are really managing an 80/20 portfolio (80% equity / equity-like, 20% fixed income / fixed income-like), not a 60/40 portfolio. The current state of private markets. Why alternative investments make sense in an investors' portfolio. The importance of “catching the wave” and investing in megatrends, like decarbonization. How the retailization of alts impacts institutional investors like large pensions and endowments. He leads an investment staff of more than 200 and oversees a portfolio valued at $307 billion as of March 31, 2023.He has more than 37 years of institutional investment experience, including tenures as CIO of the Washington State Investment Board and the Sacramento County Employees Retirement System.He represents institutional investors on the MSCI Index Editorial Advisory Board, the PRI Asset Owners Advisory Committee, the Sustainability Accounting Standards Board (SASB) Investor Advisory Group and the Toigo Foundation.He is the chair of the 300 Club and co-chair of the Milken Global Capital Markets Committee. Ailman is recognized as one of the top CIOs both in the U.S. and globally. He has received numerous awards and recognitions, including the Institute for Fiduciary Education's CIO of the Year in 2000.Thanks Christopher for coming on the Alt Goes Mainstream podcast to share your views and knowledge.

Purnima Puri, Governing Partner and Head of Liquid Credit at HPS Investment Partners, discusses the economy and Fed policy ahead of Wednesday's FOMC rate decision. Armen Panossian, Head of Performing Credit and Portfolio Manager at Oaktree, shares his thoughts on the continuing issues with regional banks. Ida Liu, Global Head at Citi Private Bank, talks about investing in emerging markets. Victor Khosla, Founder and CIO at Strategic Value Partners, discusses seeing growth in distressed opportunities. And We Drive to the Close with Chris Ailman, CIO at CalSTRS. Host: Carol Massar. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

We talk about our recent talk with CalSTRS, and take another look at how to access 403(b) money. Accessing 403(b) Money Learned by Being Burned (short pod series that explains why the K-12 403(b) is so bad and what teachers are doing to fix it) Meridian Wealth Management 403bwise.org

In this miniseries we are interviewing a group of the largest institutional investors (the ‘super allocators'), to understand how these immense pools of capital think about the assets they invest in, shifting asset allocations, passive versus active, public versus private, and steering through turbulent waters.  This first conversation is with CalSTRS, the $300+ billion California State Teachers' Retirement System. It is the largest educator-only pension fund in the world and the second largest pension fund in the United States. In this episode, the fund's CIO Christopher Ailman discusses its evolution and the key considerations undertaken during his tenure. He makes the case for predominantly passive equity allocations, the approach to fixed income and benchmark considerations. He also covers infrastructure and its key role (given their long term horizons), PE allocation, and why VC does not fit their size and style. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

Ahead of today's inflation report, what is the outlook for stocks, a potential recession, and the global economy? CalSTRS' CEO Christopher Ailman weighs in. Plus, amid heightened tensions between the U.S. and China over the suspected spy balloon, the Bank of Japan is making a leadership change. Former Morgan Stanley Asia Chairman Stephen Roach gives his thoughts. And, investors are gearing up for what is likely to be a volatile day for markets. Capital Wealth Planning's Kevin Simpson and NatWest Markets' Michelle Girard discuss what to expect.

Our guest for today's podcast is Scott Chan, Deputy Chief Investment Officer of the California State Teachers' Retirement System (better known as CalSTRS).  CalSTRS is the largest teachers' retirement system and second largest public pension fund in the United States.  A world-class financial services institution and state agency, CalSTRS is known for its unique organizational culture which emphasizes customer service, leadership and respect for its members and colleagues.   What a pleasure it was for me and fellow AAAIM Board member, Susan Soh, to hear Scott's background and his path to becoming one of the most powerful people in finance.  As Deputy CIO, Scott oversees CalSTRS' investment division and is responsible for leading a diverse and growing team of over 200 investment professionals. He manages eight critical investment functions including investment strategy and risk, global equities, fixed income, real estate, private equity, risk mitigating strategies, inflation sensitive and sustainable investment and stewardship strategies. What a mouthful…  And, he reports directly into the great Chris Ailman who is highly regarded to be one of the best CIOs in the business.   Direct investing; getting to net zero; embracing diversity, equity and inclusion – you want it, Scott delivers it…  Without further ado, here is our conversation with Scott Chan.

Investors are bracing for the latest read on inflation with the September CPI report. Former Atlanta Fed President Dennis Lockhart discusses what to expect. Plus, the Biden administration has been scrambling to prevent curbs on semiconductor manufacturing from further disrupting the supply chain. MSA Capital's Ben Harburg breaks down which names could be hit the hardest. And, Wall Street is still grappling with the UK policy crisis and what it could mean for markets state-side. CalSTRS' Christopher Ailman and Citi Global Wealth Investments' Steven Wieting give their thoughts.

Join the PRI's Bonnie Groves and guests John Hoeppner, LGIM America, and Aeisha Mastagni, CalSTRS, in this episode of the PRI podcast.     John and Aeisha discuss this year's AGM season and the trends that will shape future proxy seasons. They tackle voting on new and complex shareholder resolutions and the role of universal owners in addressing systemic risks.  Find the podcast transcript here: https://bit.ly/3JpLi0G

In this episode of the [i3] Podcast, we speak with Bob Maynard, Chief Investment Officer of the Public Employees Retirement System of Idaho (PERSI) at the eve of his retirement, after 30 years with the fund. We look back at how a job as the deputy attorney of Alaska saw him getting involved with investing and how he has stuck to his mantra of keeping it simple. “Whenever I get a bright idea, I go to a dark room and lay down until it has passed,” he quips. Bob addresses whether defined benefit systems are doomed, expels myths around US pension funds underfundedness and why he believes CalSTRS' Chris Ailman is the best CIO on the planet. 1:00 Moving to Alaska at a time when it was still a frontier state; the state was only 19 years old 6:00 Working on some of the largest oil and gas litigation cases in US history, including the Trans Alaska Pipeline case 9:00 The Alaska Permanent Fund and the link with oil and gas litigation 11:00 Slowly the fund moved away from just bonds to include real estate. So I couldn't afford my own house, but I knew how to buy an office block in New York. 12:00 Setting up the first currency program with the help of Fischer Black 13:30 Phone calls with Fischer Black locked you into a way of thinking about markets and I probably used that more than anything over the last 30 years. 15:00 [At PERSI] we only do eight to 10 things [in our investment strategy], but if I would be doing 25 things then currency would be in there. 16:00 The mean variance model is not that complicated 17:30 Joining PERSI you found a fund that was more than 60 per cent underfunded. Did you know that? 19:30 “The chair said: ‘Just get us in the middle of the pack', and I thought: ‘I can do that; I can be mediocre” 22:00 There are a thousand ways to invest. You just have to find the right way for your particular set of circumstances. 26:00 The 90s were a great time to be a 70/30 fund. 27:00 The best place to be in the last 10 years was the S&P 500 [index] 28:30 [Institutional investors] are not long term investors; we use it as propaganda to get us through tough times. 31:00 There are times in history where there is a fundamental shift in equity markets, but whether that means you should move out of equity markets…There have been a number of those [approaches] since the 1990s that looked at that and none of them have proven to be able to move through troubled times. 32:00 When there is excess liquidity in the system, all sorts of things work 36:30 The idea of what an unfunded liability is is completely misunderstood. Under an entry age normal accounting system we assume that people are going to earn double of what they earn today at the end of their career. If we would shut off the system today and look at the actual liabilities then we would be 140 - 150 per cent funded. 38:00 There are funds that are in trouble, but that is because some of them cut their contribution rate to below cost 45:00 Investing is about attitude: whenever I get a bright idea, I go to a dark room and lay down until it has passed 47:00 Listening and learning from other state pension funds' board meetings. I've learned more from listening to [Chris] Ailman than from my own fund; he is the best CIO in the world as far as I'm concerned. 50:00 You retire on 30 September 2022. Any plans? “I'm going to do what I do best: nothing”.

On this episode of WTF California Podcast, we talk about the SCOTUS decision to strike down New York gun law and the impact on California. Contra Costa County Supervisor John Gioia was correct in looking into costs of Orinda, Danville and Lafayette police services. More info comes out on the Antioch Police Department forums from this week -- including Kenny going on a rant about Mayor Lamar Thorpe always being late. Senator Steve Glazer makes great argument when discussing the now dead bill of involuntary servitude amendment which would have paid inmates $15 an hour.   SCOTUS strikes down New York gun law, expected to allow more people to carry concealed firearms Orinda, Danville, Lafayette cost Contra Costa County $2M in police services California Senate rejects involuntary servitude amendment Bill to Encourage Schools to Teach Asian American and Pacific Islanders History Stonewalled  Bill To Force CalPERS, CalSTRS to Divest From Fossil Fuel Companies Dies in Assembly Committee Bonta, Hochman will face off in California's AG race Fresno council members vote to increase their salaries San Bernardino dedicates 9 streets to city's original police officers

Contact:dbahnsen@thebahnsengroup.comwill@calpolicycenter.orgFollow Us:@DavidBahnsen@WillSwaim@TheRadioFreeCAShow Notes:DNC slashing price of Kamala Harris photo-op sparks mockery on Twitter: The one thing 'immune to inflation'Newsom finds the time to troll conservatives on Truth SocialCalifornia bill requiring CalPERS, CalSTRS to divest halted by committee chairCalifornia lawmakers promise relief with probe into ‘gas price gouging'California decides this is a great time to raise the state gasoline taxA bill decriminalizing loitering for prostitution has been sent to Gov. Newsom. Will he sign it?State worker union gets vocal in fight against CalPERS' office requirementsThis new California coronavirus wave isn't sticking to the script: Big spread, less illness

In this podcast RCLCO interviews CalSTRS' Investment Director of Sustainable Investment & Stewardship Strategies and Portfolio Manager responsible for residential assets.

Aeisha Mastagni of CalSTRS joins Kieran Poole to discuss its role in the Engine No. 1 and ExxonMobil campaign, the path to net-zero, and her proudest moments.  Remember to get your free copy of Insightia's Shareholder Activism in Europe 2022.  Want a guest interview or topic discussed? Tell us here. View all of the products offered by Insightia by visiting our website and follow us on Twitter and LinkedIn. 

0:00 Intro.1:31 Start of interview2:30 Anne's "origin story". She grew up in Colorado and after attending college, she moved to DC to work on the Hill and later in the Reagan Administration (U.S. Department of Energy). She moved to Sacramento in the late 1980s, where she worked in and out of state government. In her role as Chief Deputy Director of the CA Department of Finance (under Governor Schwarzenegger) she served on the boards of CalPERS and CalSTRS, among many other state boards. In 2007 Stanford issued the first Clapman Report, outlining best practices principles that she used to improve the governance of the CalSTRS board. The next year, she joined CalSTRS as the first Director of Corporate Governance, just in time for the GFC of 2008! She got very involved with the Dodd Frank legislation in 2011 and the rules that came out of it, such as say-on-pay, proxy access, and others. She retired from CalSTRS in 2018 and later joined the boards of Victoria Secret & Co, Cohn Roberts Holding Corp (NYSE:CRHC) and joined PJT Camberview as a senior advisor.8:45 On the governance of state-owned or public entities, and the influence on politics on those boards. "Anytime there is a politician on a board, there will be a political bent to it." She did not sit on the board of CalPERS when they went after Safeway in their labor dispute (2004). At CalSTRS, they worked very hard to make sure that they did not pursue any political agenda. They made sure to follow a process when making any divestment decision.11:58 On joining the board of CRHC, and the state of SPACs. CRHC is merging with Allwyn Entertainment, a European lottery operator in a listing valued at $9.3bn.14:57 On the evolution of ESG. "The history of ESG at CalSTRS goes way back, they had a Statement of Investment Responsibility in 1978, outlining 21 risk factors (now called ESG factors). These are investment risks to the portfolio if they are not managed properly." There is a history of divestment from South Africa by California public pension funds during the Apartheid regime. UNPRI in early 2000s. "One of the issues is all the terminology that is thrown around: CSR, ESG, impact investing, moral or ethical investment, DEI, etc." 20:27 On the evolution of shareholder engagements. The example of CalSTRS and CII. The Engine No.1-Exxon Mobil case. "I've always thought that the acronym should be GES, because the "G" of governance is the infrastructure that sets in place how boards should handle these issues." "The advent of Say-on-Pay forced the engagement between investors and companies."25:53 On the new criticisms of ESG and politicization of corporations.27:54 On the exclusion of Tesla from the S&P500 ESG Index. 30:42 On the new SEC climate disclosure rules. "It's probably one of the boldest and most progressive proposals that has come out, probably ever, from the SEC." 34:35 Board diversity and her thoughts on CA courts striking down SB-826 and AB 979, and what these rulings mean for board diversity. Her role in promoting board diversity from CalSTRS starting in 2008, the Diverse Director Database. The role of the big institutional investors such as BlackRock, Vanguard and State Street to promote board diversity. The Nasdaq board diversity rule. DEI beyond the boardroom (racial equity audits, pay gaps, etc.)41:26 On the governance of private companies, and the rise of private markets. The role of CalSTRS on improving governance of private companies via its LP role and influence.45:00 Her recommendations on how directors should handle down cycles and recessions. "The governance processes are there to be the guardrails during the uptime and the downturns."47:11 The 3 books that have greatly influenced her life in the last few years:Biography of President Ulysses Grant, by Ron Chernow (2017)From Strength to Strength, by Arthur C. Brooks (2022)The Road to Character, by David Brooks  (2015)48:40 - Who were your mentors, and what did you learn from them? Rich Koppes (former GC of CalPERS), on the governance side.Bill Hauck (former head of the California Business Roundtable)49:45 - Are there any quotes you think of often or live your life by? "Play the hand that's dealt to you."  "Don't obsess over the bitter, go forward." "Perfect is the enemy of tGood" "80% is better than 100% if you can get it, or zero." "The only constant of life is change."50:39 - An unusual habit or an absurd thing that she loves: When she travels to a new city she gets on those hop in hop off buses (typically tourist traps). 51:10 - The living person she most admires: Zelensky and the people of Ukraine.Anne Sheehan is a former Director of Corporate Governance at CalSTRS and currently serves on the boards of Victoria's Secret & Co and Cohn Roberts Holding Corp (NYSE:CRHC) and is a senior advisor at PJT Camberview.__ You can follow Evan on social media at:Twitter: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

Plenty of institutional investors are making net zero commitments, but what do they actually mean? In this episode, we chat to Kristy Jenkinson, CalSTRS' Head of Sustainable Investment and Stewardship Strategies, about what these commitments mean to an organization that has been a recognized leader in the ESG movement since 2004. That conversation starts about 18 minutes into the episode.

Did you know that October is National Retirement Security Month? In episode 33 of Revamping Retirement, Jennifer Doss and Scott Matheson talk with Matt Petersen, executive director of the National Association of Government Defined Contribution Plans (NAGDCA), the sponsoring organization of National Retirement Security Month (NRSM). Matt talks about the history of NRSM and why plan sponsors of all types may want to participate. He also shares his perspective on the legislative landscape and the key issues on the minds of his member plan sponsors. Later, Sandy Blair, director of retirement readiness at the California State Teachers' Retirement System (CalSTRS), joins to discuss CalSTRS' award-winning NRSM campaign. Sandy also shares some best practices on how plan sponsors can leverage their NRSM efforts to drive financial literacy throughout the year. In Minute with Mike, Mike Webb highlights the common mistake that plan sponsors make with small-balance cash out provisions. Looking for More? Learn more about the CalSTRS NRSM campaign here. View some of this year's NRSM campaigns on Twitter. See the 2021 National Retirement Security Month (NRSM) Senate resolution here.

Our guest for today's podcast is Carrie Lo, Portfolio Manager for the $25B Risk Mitigating Strategies group at CalSTRS (one of the largest public plans in the US) where she has led the venture into hedge funds, specifically those uncorrelated strategies to equities especially in global macro, trend following strategies and systematic risk premia.     Carrie takes us through her personal and professional path from investment banker turned venture startup to hedge fund investor before landing at CalSTRS over 12 years ago.  Her journey took her from CA to NY to London (with some time in HK) and ultimately back to CA.  Carrie started out in the Innovation and Risk group in 2009 and in 2016, due to the immense successes of this group, the Risk Mitigating Strategies group was born.     Coming from an immigrant family from HK, I found Carrie to be humble, thoughtful and gracious and immensely grateful to her family for their sacrifices in order to build a better life here in the U.S.Carrie is extremely intelligent and curious and a great role model for younger female investment professionals.She takes pride in setting the example that, with hard work, a commitment to excellence, and  a “if you don't ask, you don't get” attitude, anything is possible.     Without further ado, here is my conversation with Carrie Lo.

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with Mike DiRe, director of real estate at CalSTRS, to discuss how the investor builds relationships and deploys capital into the space.