U.S. pensions are hundreds of billions of dollars short, vote to use leverage

“Calpers’ investment office already had authority to use leverage—up to 20% of the fund’s total value—as part of investing decisions. But Monday’s decision marks the first time the Calpers board has made leverage an integral part of its asset mix, building it into the fund’s plan for meeting its investment-return target.”

I guess I see both sides of this.