Somebody asked me the other day what I thought the ‘secret
sauce’ was for a successful pension or sovereign fund. My initial reaction was
to say that the question was asking for a bit of a ‘reductio ad absurdum’. But,
if I’m honest, I actually quite liked the mental gymnastics of picking a single
factor that could make or break a fund over the long term.
And here’s what surprised me even more: I actually know the
answer. In fact, it’s really quite obvious...it just took someone asking me a
simple question for it to come to mind.
But before I tell you what it is, take a guess. What do you
think the lynchpin of a successful public pension or sovereign fund is? If your
answer is different from mine….
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