>>>Some very smart investors who knew what they were doing.
>I was glad to hear that my alma did likewise.
>However, using those returns as predictors of future performance inevitably fails.
>Witness most state pension funds which are sorely underfunded.
>NJ, for example, is more than $2billion in the hole.

Yes, for governments, the pension issue is a huge mess. I don't know the details in other states. Here in PA, the pension mess is really horrible because about 10 years ago, the legislator boosted payments without increasing income, and eventually gave local governments a pass on making payments (or maybe it was only increased payments). So the obligation has increased while the amount put in did not and interest rates dropped. Despite 4 years of having a Republican governor and a Republican legislator, no fix was able to be passed and signed. It'll be interesting to se whether our new Democratic governor can work with the even more Republican legislature to come up with a solution.

Tamar