Subject: Re: New rules, what would Buffett say?
Not institutional investors, that's for sure.

I have to scratch my head at why public pension funds like CalPERS are allowed to invest in private credit, private equity or hedge funds.
I can understand BlackRock offering cr@p like a bitcoin ETF. They are not fiduciaries for their customers. Pension funds are.
Apparently in Ben Graham's time, state-run entities had strict rules about what kind of stocks and bonds were acceptable as "prudent investments".
Maybe there is something to this new-fangled theory of regulatory capture, after all.