What asset class surprised you most when you looked at a pension fund portfolio?
I recently started looking through how some large pension funds allocate their capital, and I was surprised by how much they invest outside of publicly traded stocks and bonds.
Was there an asset class that caught you off guard the first time you looked at an institutional portfolio?
Private equity? Commercial real estate? Infrastructure? Private credit? Something else?
What do you think is the biggest lesson retail investors can take away from how pension funds diversify, and is there anything you'd avoid trying to copy? #business