Saturday, 22 May 2010

Investment Diversity

"You might think that we're trying to discuss issues of the 1950s about integration. We're talking here about the issue of inclusion."

- Assemblyman Mike Davis (D) of LA

These are interesting words as things played out yesterday in California. Amongst the thousand or so things that you'd think the legislature would worry about...even the ability of their state pension fund to survive (which can't)...they came to decide on the ethnicity and gender of investment managers handling their state pension fund.

So the effort here is to reshuffle their money....without regard to expertise or past performance...and ensure things are "right".

They did show some intelligence and limit the effect of this...with ten percent of their pension fund as the goal to fit into this "diverse" manager concept.

I sat and pondered over this. I'm an investor. The last thing I would go to a mutual fund or investment person because of their sex, skin color, or status in life. I just want to see results. A loser is a loser. A winner is a winner.

I worked with a guy years ago whose mother had been well-off when the father had died. There was well over five million existing at that point. Some friend of the family stepped in after the father's death and talked her into moving at least half her money to his company. He was continually getting her to agree to stock buy's and sells. He kept talking of money to come. Over two years....he basically siphoned off almost half of what she gave him and never realized it. The son visited and looked at the cost and charges...and then lowered the boom.

When you want trust. Whether they are male or female doesn't matter.

What's going on here in California? I'm guessing that a couple of female investment managers have connections to the Democratic Party and the pension fund management. They made "diversity" a key word and got the boys spun up.

Gains? Maybe. But you have to wonder if a couple of midgets will walk up next and claim they want status as a investment handler for the California pension fund. Then comes the albinos. Then come the 18-year old punks who claim they want to help manage the fund. Eventually....circus clowns will also step into the picture.

And folks wonder why pension funds are losing money?

Your Phone Book is of Value

I was waiting for this moment.

The Rasmussen folks do fine polls. Usually, they capture the situation and the imagination of the American public. Rarely do they get it wrong.

So Rasmussen finally went out and asked folks.....if they were to strictly pull a random name from the phone book....would that guy or gal do a better job than their elected representatives in Congress.

Forty-one percent said yes.

Thirty-eight percent said no.

Twenty percent said they just couldn't decide one way or another on this suggestion.

I sat and paused over this. When a large group like this would suggest such a ought to be shocking to representatives in the house, and senators...from both parties.

Frankly, I pretty much agree with this method. My only problem...I'd really hope that they didn't open the Arlington phone book for this method....and happen to pick me at random. I got better things to do with my life than sit around and act dim-witted or write 2,700 pages of conflicting text.

Nifty World of Warcraft

It's an interesting short story. Assistant female principal from Middleton High School in Florida....likes World of with young punk guys....some as young as fourteen years old...makes an error in judgement. She basically sent a topless picture of herself to a fourteen year old boy.

The cops naturally came...and arrested her.

I sat pondering this. I miss all of this fine stuff as a kid because the internet age comes forty years later?

The curious thing is that this is likely one photo episode that goes into the public sector...and the other 358 photos continue on...with no one ever calling the cops.

No Processing?

Apparently today....the assistant secretary of Homeland Security for US Immigration and Customs Enforcement (ICE)...made a comment that his team didn't necessarily have to process illegal immigrants referred to them by Arizona authorities.

It took probably three minutes for this to hit CNN and Fox News.

Several senators are kinda wondering if ICE is capable of obeying the law....or if they need more federal laws to encourage them to obey the first laws in place. Naturally, thats why we have stupid Senators in DC....if you didn't know.

I pondered over this for a minute....and then realized the best thing to do.

As the Feds say they won't accept the illegal process them and take them up to the border of California. You put around fifty Arizona cops there along the border of California and just tell them to keep marching westward. Illegals will be California's problem...and only their problem.

Then let the Arizona cops go hang out around federal buildings and refer to the Fed cops as "wussies".

It'll take about seven days...but a couple of ICE bosses will be either fired via the Senate or simply resign their positions.