PT  - JOURNAL ARTICLE
AU  - Keith P. Ambachtsheer
TI  - Public Pension Fund Power
AID  - 10.3905/jpm.2001.61
DP  - 2001 Jan 31
TA  - The Journal of Portfolio Management
PG  - 61--64
VI  - 27
IP  - 2
4099  - https://pm-research.com/content/27/2/61.short
4100  - https://pm-research.com/content/27/2/61.full
AB  - The quotation is from Mr. Greenspan's testimony to Congress in 1999 on the Administration's proposal to invest a component of the Social Security Trust Fund in equities. As a response to that testimony, we were asked by a number of U.S. public sector pension funds to conduct a study into Mr. Greenspan's assertion. That study concludes that a sample of 34 U.S. public sector funds marginally outperformed a sample of 51 U.S. corporate funds on a cost- and risk adjusted basis over the 1994-1997 period (see Ambachtsheer, Hawn, and Scheibelhut [1999]).