edward l. glaeser
Towns have too much power, but not the power they need
What good is there in having scores of publicly managed micro-hedge-funds dotting the Commonwealth? In Massachusetts, while state law mandates the terms of public pensions paid by local governments, local investment boards still manage their portfolio decisions. This makes little sense. Local investment boards have little upside, and have historically earned lower returns. There is certainly a place for local experimentation in pension matters, but the management of pension funds isn’t it.