http://www.ai-cio.com/channel/ASSET_ALLOCATION/CalPERS_Wins_on_Hard_Assets.html Sounds like they are changing stratagies. The $251.5 billion California Public Employees’ Retirement System (CalPERS) gained 9.3% on its real asset portfolio, and plans to invest more next year, according its annual report for the 2011-2012 fiscal year. As of June 30, the fund’s real asset portfolio totaled $4.69 billion. Sounds like that porfolio did better than the commodities. http://www.bloomberg.com/news/2013-01-03/calpers-commodity-holdings-fell-55-in-october-to-1-564-billion.html Maybe they shouldn't have listened to some on GT about buying gold.