Changes to Investment Fund Rules Worrisome.
Some time back I received a newsletter from the University of California Retirement System ( UCRS ). The lead article proudly proclaimed that UCRS had completed divestiture of all fossil-fuel stocks. What? They walked away from the likes of Exxon, Gulf, and Mobile? Halliburton and Schlumberger? Those are some serious heavy-hitters in the stock market and generally excellent income providers. I was not pleased by UCRS playing social justice warrior with my retirement funds, especially without my getting the slightest say in that decision. I did post my concerns on the "LLNL - The True Story" blog and ran up against a number of posters that attacked my questioning the wisdom of the fund managers. One post suggested ( without humor markers ) that I should lose all UCRS benefits until I conform to the "California mindset". Still, the question remains of how UCRS plans to replace the loss of revenue caused by divestiture - their role is supposed to be making money for r...