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Pension fund gamble: Colorado’s $9 billion question mark

OCTOBER 12, 2018 | by David Sirota | CAPITAL & MAIN

“… 'Huge institutional investors, viewed as a group, have long underperformed the unsophisticated index-fund investor who simply sits tight for decades,' Buffet wrote in his 2015 letter to Berkshire Hathaway shareholders. 'A major reason has been fees: Many institutions pay substantial sums to consultants who, in turn, recommend high-fee managers. And that is a fool’s game.'"

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