FYI: Pension funds and endowments have enough challenges without Warren Buffett telling them how easy their job is. Buffett’s annual letter is widely anticipated and widely read, and it is often brilliant.
This year, however, he offered an idea that we can call Warren’s buffet: it’s all you can eat, but it serves only stocks. Even Warren Buffett diversifies his diet beyond just cheeseburgers, and so should pensions and endowments which, contrary to what he implies, need more than just equities.
Regards,
Ted
https://www.aqr.com/Insights/Research/Chief-Investment-Quarterly/Buffetts-One-Choice-Buffet
