And where did those solidly second-quartile annual returns place the fund for the 14 years overall? Fourth percentile! I was wowed. Dave told me that, in his 14 years in the job, the fund’s equity return had never ranked above the 27th percentile of the pension fund universe or below the 47th percentile. ![]() One was a dinner in Minneapolis with David VanBenschoten, who was the head of the General Mills pension fund. My memos got their start in October 1990, inspired by an interesting juxtaposition between two events. ![]() Howard Marks, Oaktree Capital Management co-chairman
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