Albanian-Style State Pension Returns

Albania’s economic statistics looked great: 9.6 percent growth in 1993, 8.3 in 1994, 13.3 in 1995, 9.1 in 1996. And that should tell us something about the gullibility – or the stupidity or, maybe, the corruption – of the people who compile economic statistics.


“Then how,” I asked, “did so many Albanians get suckered in?”

“They knew,” Nishku said, “so much money could not be made honestly. They thought there was smuggling and money laundering involved to make these great profits.”

Herein the lesson. The Albanians didn’t believe they were victims of a scam. They believed they were the perpetrators.

P.J. O’Rourke – None of My Business (pages 19-21)

Coincidentally, after I read that, the New Jersey State Investment Council had their first meeting in four months reporting net returns of 9.06% for the fiscal year ended June 30, 2018 and PEW released a report on State Public Pension Funds’ Investment Practices and Performance showing about 7% average returns over the last five years that included a handy spreadsheet which, after a little manipulation, yielded this summary of where pension assets are invested:

With Equities due for a ‘correction’, Alternatives being unregulated, and Other (well, being Other), this could parallel what Albanians faced twenty years ago.

6 responses to this post.

  1. Posted by Anonymous on September 28, 2018 at 5:57 pm

    P. J. O’Rourke

     “The Internet―whose idea was it to put all the idiots on earth in touch with each other?” 


  2. Posted by Eric on September 28, 2018 at 9:48 pm

    I think it was ManBearPig’s idea.


  3. Posted by dentss dunnigan on September 29, 2018 at 8:52 am

    Simple ….send out Albanian checks ..


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