> Is it typical to have a portion of a pension fund allocated to highly speculative risk? It certainly was in the US during the 2006 housing bubble crash, for

> Is it typical to have a portion of a pension fund allocated to highly speculative risk? It certainly was in the US during the 2006 housing bubble crash, for pensions and especially for city/state pension funds. The customers of pension funds and the taxpayers of cities have little to no access or say about what the funds are investing in, so extremely large funds can be sold bad investments by influencing a small number of people who are subjected to very little oversight, and plan to be gone (probably to work for the people they helped) before the investments blow up.