The lottery - an embarrassment to our state.

John Oliver rips the lottery - and pays particularly attention to North Carolina.

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The folly of market timing the pension fund

Almost a year ago, the NC Treasurer was pushing a bill to expand alternatives in the pension fund.   At the time, she, and the bill's sponsors argued that interest rates were likely to rise and the bond market would get crushed.    Sen. Hise, the bill's sponsor said: " I firmly believe the riskiest thing we could be (invested) in right now is the bond market " in the N&O And in september, Janet Cowell stated stated that " The North Carolina pension fund has always been a big investor in bonds, and that has served us really well, but we're at the end of that runway ," on WRAL TV   Today, the 10 year Treasury yield dropped below 2.5% .   I'm not knocking Sen Hise, or Treasurer Cowell's ability to forecast interest rates - they had a 50/50 chance of being correct, and indeed, they may still end up being correct that rates will rise.  Or they may not. The point here is that basing asset allocation decisions on forecasts of interest rates is a po...
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