Abstract
PENSION FUNDS have become a new financial giant in today's capital markets. These funds are growing at a rate of nearly $4 billion a year and currently aggregate over $30 billion. Public interest in these industrial pension funds centers around their earning power, as this is fundamental to the magnitude of retirement benefits. It is appropriate now, after fifteen years of mushroom growth, to review the principles and accomplishments of pension fund management. This paper is intended to be provocative in questioning the validity of some customarily accepted institutional thinking and so-called orthodox practices. PRINCIPLES GOVERNING PENSION FUND INVESTMENT
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