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They also nailed their timing in getting out of oil and gas - just in time for the sector at large to see a face-ripping rally and some of the best cashflows in
by tenpies 4y ago
They also nailed their timing in getting out of oil and gas - just in time for the sector at large to see a face-ripping rally and some of the best cashflows in any industry.
Most fund managers would be fired, or quit, but because it's Green(TM), it was fine and good.
https://www.thestar.com/business/2021/09/28/canadas-oil-industry-dealt-a-financial-blow-as-pension-giant-divests-itself-of-investment-in-fossil-fuel.html https://www.thestar.com/business/2021/09/28/canadas-oil-indu...
The take away for all Canadians (the CPP is just as bad) is that these pension funds are just one more tax. You will be paid out, just nowhere near commensurate with what you put in.
And that's even before the comical "inflation" adjustments and the intentional lack of currency hedge.
- rohitb91 4y agoWow Will there be riots over the mismanagement of the wealth of millions of people? How much have these incompetent managers destroyed? Esg is a cancer to society.
- roenxi 4y agoAre their riots over all the other types of tax? As long as people aren't left destitute in the streets it'll just be a couple of old people learning why people have been screaming about ESG for the last couple of decades/that people wearing suits also lie.
- IfOnlyYouKnew 4y agoAveraging 9.6 % annually since inception: https://en.wikipedia.org/wiki/Ontario_Teachers'_Pension_Plan https://en.wikipedia.org/wiki/Ontario_Teachers'_Pension_Plan. If this is cancer. I’ll have some of it. (Ironically, getting out of tobacco is about as far as their ESG seems to go).
- soperj 4y agoIt's pretty clear here that you have no idea what you're talking about. These pensions are only available for public service workers, and they have a long history of doing quite well despite the obvious mis-steps.