Scott Chan

And so that long-term investing in the ability to help them grow into adjacencies, in this case, I think was very, very compelling for them. And if you looked at their alternative, being acquired by another asset manager, well, the other asset manager, chances are they've got a number of these adjacencies already covered through other parts of the business. And so

And so that long-term investing in the ability to help them grow into adjacencies, in this case, I think was very, very compelling for them. And if you looked at their alternative, being acquired by another asset manager, well, the other asset manager, chances are they've got a number of these adjacencies already covered through other parts of the business. And so

Fairfield would be stymied in potentially growing in certain trajectories.

Fairfield would be stymied in potentially growing in certain trajectories.

Fairfield would be stymied in potentially growing in certain trajectories.

It's hard to be contrarian because you have to wait a lot of times for your thesis to play out. But as a long-term investor, I think that really gives CalSTRS an advantage that essentially we're looking at long-term and we can filter out quarterly reports that have a lot of noise to them.

It's hard to be contrarian because you have to wait a lot of times for your thesis to play out. But as a long-term investor, I think that really gives CalSTRS an advantage that essentially we're looking at long-term and we can filter out quarterly reports that have a lot of noise to them.

It's hard to be contrarian because you have to wait a lot of times for your thesis to play out. But as a long-term investor, I think that really gives CalSTRS an advantage that essentially we're looking at long-term and we can filter out quarterly reports that have a lot of noise to them.

And I would say as a long-term investor though, there are only a few asset allocation shifts every year where something on the horizon of long-term investing becomes more probable. As it becomes more and more probable it starts to compel you to act or have you consider emphasizing or de-emphasizing assets.

And I would say as a long-term investor though, there are only a few asset allocation shifts every year where something on the horizon of long-term investing becomes more probable. As it becomes more and more probable it starts to compel you to act or have you consider emphasizing or de-emphasizing assets.

And I would say as a long-term investor though, there are only a few asset allocation shifts every year where something on the horizon of long-term investing becomes more probable. As it becomes more and more probable it starts to compel you to act or have you consider emphasizing or de-emphasizing assets.

If I were to look at 2025, here's, as an example, what I would consider to be three of the most compelling asset allocation shifts. I think a number of that is sort of contrarian thinking, if you will. So number one, I would say that the probability that the stock market is going to generate below average returns over the next five to 10 years, it's becoming more and more probable.

If I were to look at 2025, here's, as an example, what I would consider to be three of the most compelling asset allocation shifts. I think a number of that is sort of contrarian thinking, if you will. So number one, I would say that the probability that the stock market is going to generate below average returns over the next five to 10 years, it's becoming more and more probable.

If I were to look at 2025, here's, as an example, what I would consider to be three of the most compelling asset allocation shifts. I think a number of that is sort of contrarian thinking, if you will. So number one, I would say that the probability that the stock market is going to generate below average returns over the next five to 10 years, it's becoming more and more probable.

It's becoming higher. For a large allocator like us, we might shift a few percentage points away from global equities.

It's becoming higher. For a large allocator like us, we might shift a few percentage points away from global equities.

It's becoming higher. For a large allocator like us, we might shift a few percentage points away from global equities.

This is the first year, for example, that I remember we entered the year and all the strategists were thinking stock market's going up. If you roll back a year, the outlook was mixed and the markets went up significantly, right? The S&P was up over 20%.

This is the first year, for example, that I remember we entered the year and all the strategists were thinking stock market's going up. If you roll back a year, the outlook was mixed and the markets went up significantly, right? The S&P was up over 20%.

This is the first year, for example, that I remember we entered the year and all the strategists were thinking stock market's going up. If you roll back a year, the outlook was mixed and the markets went up significantly, right? The S&P was up over 20%.