CalPers had returns of 4.7%, 6.7%, 8.6%, and 11.2% for the past 4 fiscal years. This is better than a 60/40 portfolio, which doesnt seem unreasonably conservati

CalPers had returns of 4.7%, 6.7%, 8.6%, and 11.2% for the past 4 fiscal years. This is better than a 60/40 portfolio, which doesnt seem unreasonably conservative for a pension fund to me. Of course in hindsight you can see how they could have done better, but they certainly could have done worse.