Shoe Laces

Eitan ties

This morning I meet a gal at Ontario Teachers who is full of pep and vigour: she opened the London offices and it doesn't hurt that the pension manages $117 billion, second largest in Canada (after CPP). This the future of 180,000 teachers, principals and administrators while already supporting 120,000 retirees.  A reason the pension so large: 10% IRRs over ten years.  Still, the pension "gap' about $10 B, which means more contributions from its members.  Without higher-return illiquid assets like infrastructure and private equity, it would be worse.

Madeleine in a good mood.
Me: "How was swimming practise kiddo?"
Madeleine: "It was cancelled."
Me: "Oh?"
Madeleine: "A kid poo'd in the pool."
Me: "You're kidding."
Madeleine: "We saw some one fish it out with a net. And they did an evacuation bell."
Me:
Madeleine: "To get every body out."
Me:
Madeleine: "And some one had a heart attack."
Me: "Is this a public pool?"
Madeleine: "Yep."