Friday, July 24, 2009

In other news... a recession has been on...

Hot on the heels of what many people have been fear-mongering as "the worst recession since the Great Depression, quite possibly EVER", comes news that the PSA pension plan was down 22% in the fiscal year ended March 31, 2009.

In the words of Iaggo from Alladin: "I'm gonna have a heart attack... and die... from THAT surprise."

Now, I have to admit, when you put it in real terms, it sounds like a lot... "we lost 9.8 BILLION dollars", but considering the markets were down as much as 40% up to March, I don't think their hit is so bad.

As for the other poke where the PSA is wanting some of their own people as part of the management of the fund, I just have 2 questions: 1 - what can your people do that a PROFESSIONAL MONEY MANAGER YOU ARE PAYING TO DO THE JOB can't, and 2 - Oh? You have people that have time to oversee this? Hmmm. Apparently there's some fat to cut.

I'm not unsympathetic to their concerns - their pension plan HAS taken a hit, thankfully for them not at a time when it needs to be utilized, and also thankfully not as deeply as, say, MY investments which were down 4o% at one point. It's all in perspective I guess.

No comments:

Post a Comment