How Florida’s pension plan foresaw deglobalisation and trimmed its risk
Retirement fund reduced exposure to public equities more than a year ago
When Florida’s $200 billion retirement fund started a partial retreat from investing in publicly held equities, tariffs “were not on our radar”, according to the fund’s chief investment officer, Lamar Taylor. On the secular shifts in the global economy, though, Taylor and his colleagues formed views several years ago that have turned out to be prescient in recent weeks.
“In forward-looking capital market assumptions, our general view was that inflation was going to be higher than it had been in
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