Catching up on reading, this dovetails nicely with another post this evening on the state treasurer. In the July 25th New Yorker, John Cassidy writes a long article on Ray Dalio who started and runs Bridgewater Associates, a hedge fund. "Mastering the Machine" is available online.
What does this have to do with Pennsylvania?
Of the roughly one hundred billion dollars invested in Bridgewater, only a small proportion comes from wealthy families. Almost a third comes from public pension funds, such as the Pennsylvania Public School Employees' Retirement Systems; another third comes from corporate pension funds, such a those at Kodak and General Motors; a quarter comes from government-run sovereign wealth funds, such as the Government Investment Corporation of Singapore.