Last week, the California Public Employees' Retirement System (CalPERS), the largest public pension system in the U.S., announced that it's going to divest its assets from hedge funds. The move to withdraw about $4 billion of CalPERS $299 billion in total funds is the result of years of poor performance from hedge funds that come at a steep cost and with substantial risk. What led so many U.S. pension funds to invest in hedge funds in the first place? The answer, Victor Nava writes, is a long history of unrealistic expectations and mismanagement on behalf of the state government.
Kamala Harris Does Not Understand Why the Constitution Should Get in the Way of Her Gun Control Agenda
The presidential contender conspicuously fails to explain the legal basis for her plan to impose new restrictions by executive fiat.
This is bending the Lanham Act until it nearly breaks
Brett Kavanaugh Faces a New Accusation in The New York Times, but the Alleged Victim Didn't Confirm It
Plus: Andrew Yang opts out of cancel culture, Andrew Cuomo wants to crack down on flavored e-cigarettes, and more...
The "assault weapons" that the presidential contender wants to confiscate are not especially deadly, but the symbolism of that policy is poisonous.