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The Latest Opinions From Bloomberg View


September 17, 2014

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Wall Street

Matt Levine: The news that the California Public Employees’ Retirement System will stick to indexing is "pretty fascinating. Calpers, of course, is good at indexing. ... The weird thing is that Calpers seemed to apply a not-dissimilar approach to its $4 billion of hedge fund investments; it apparently had '24 hedge funds and six hedge fund-of-funds' in its portfolio."
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Barry Ritholtz:While Calpers eliminating its hedge fund program may shock some people, "it was one of the most-telegraphed actions that the nation’s biggest pension fund has made. The seeds for this were planted last year, when Calpers moved the authority over hedge funds from its equity desk to its fixed-income group. Bond investors look at the world very differently from equity investors."
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Megan McArdle: "If you are a giant public-employee pension fund and you are asking yourself, 'Should I invest in hedge funds?' the answer is almost certainly 'no.' ... For those who are lazy and disobedient, however, I’ll note a few highlights: Hedge funds are not an asset class, they are a legal structure."
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Environment

The Editors: "As it turns out, fracking doesn't necessarily pollute the water supply. But the wells used for fracking might. The distinction matters because drilling companies know how to make wells more reliable, even if all the effects of the fracking process are not yet well understood."
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Law

Noah Feldman: "Just what, exactly, is going on with the advocacy group United Against Nuclear Iran? That's a question U.S. Attorney General Eric Holder doesn't want answered."
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Banking

Ritholtz:"I've been paying attention to so many other stories that I almost let the anniversary of the Lehman Brothers' Chapter 11 bankruptcy filing" go by unnoticed. "That would be a shame."
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Cars

Leonid Bershidsky:"Auto-parts manufacturers have always been in the shadows of carmakers -- it's never been a glamorous business. The recent realignment in the parts industry, though, shows the biggest players are preparing for a new era in which they can be more important than ever with the advent of the driverless car."
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WORK

McArdle: "If one spouse earns a lot less than the other, you need lots and lots of life insurance. If you are in this situation, and you do not have large amounts of life insurance or a multimillion-dollar nest egg for your spouse to live on, then you need to run right out and get some immediately."
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Investing

Mark Gilbert: "Volatility, which reached record lows in stocks, bonds and foreign exchange markets this year, is starting to edge higher in currencies. The slow return of volatility is good news for those concerned about financial whiplash if yield-chasing investors all rush for the exit at once."
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Economics

Noah Smith:"Lots of people seem to think that national economies work something like this. Credit, we are told in article after news article, 'fuels' or 'drives' growth. ... It seems like the only people who don’t instinctively believe in credit-fueled growth are academic economists. The academics have good reason for being skeptical."
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Midterm Elections

Jonathan Bernstein:"We could be in for the longest of election nights. Any very close election can take days or even months to be decided, and this time we already have four seats with known risks of continuing past your bedtime."
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